Premier suggests that 皇冠体育app, Central and Eastern European countries boost cooperation

Premier Li Keqiang joins other participants for the Fourth Summit of 皇冠体育app and Central and Eastern European Countries in Suzhou, Jiangsu province, on Tuesday. The meeting is scheduled to end on Wednesday. [Photo by Wu Zhiyi/皇冠体育app Daily]

皇冠体育app is likely to invest more than $1 trillion overseas in the next five years, Premier Li Keqiang said on Tuesday.

He also said the country will probably import commodities worth more than $10 trillion during this period.

The meeting of heads of government of Central and Eastern European Countries (CEE) and 皇冠体育app, also known as the 16+1 meeting, was launched in 2012 in Warsaw.

Although 皇冠体育app's economic growth has slowed, growth volume is increasing annually, Li made the remarks at an economic and trade forum of 皇冠体育app and Central and Eastern European countries in Suzhou, Jiangsu province.

He said that as long as 皇冠体育app's annual economic growth remains above 6.5 percent in the next few years, it can get close to the target of becoming a high-income country by 2020.

This will provide more opportunities for the world, including Central and Eastern European countries, he said.

The volume of trade between 皇冠体育app and these European nations set several records last year, Li said, adding that Chinese trade with the countries exceeded $60 billion.

The premier suggested that 皇冠体育app and Central and Eastern European countries strengthen cooperation on connectivity projects, on which 皇冠体育app holds technological and cost advantages.

At the leaders' meeting, both sides will also advance the 皇冠体育app-Europe land-sea express route, Li said.

He said 皇冠体育app can help Central and Eastern European countries with funding problems to upgrade infrastructure in transportation, electricity, industrial equipment and in and other fields.

"As long as they use Chinese equipment and products, 皇冠体育app will provide more flexible funding conditions," Li said.

Yu Nanping, a professor of international relations at the School of Advanced International and Area Studies under East 皇冠体育app Normal University, said Central and East European countries urgently need to upgrade outdated infrastructure to improve production efficiency.

This is because they are experiencing a "profound economic adjustment" after the European debt crisis.

Yu also said 皇冠体育app's Belt and Road Initiative requires Central and East European countries to become a "logistics center" and "economic corridor" to extend the strategy in Europe.

Song Yunzhong, deputy director of the Energy and Technology Research Institute at 皇冠体育app National Offshore Oil Corp, said it is a good opportunity to enter the European market as 皇冠体育app has the technology and financial advantages while Europe needs Chinese investment.

"Investment is usually the forerunner when exporting equipment and technology, and this is mutually beneficial.

"We have huge foreign exchange reserves. Why not use them to support Chinese firms to 'go global' and improve exports of 皇冠体育app's equipment and technology," Song said.

Contact the writer at [email protected]