China and the European Union (EU) have vowed¹ to strengthen bilateral² ties, which have become more important amid the world financial turmoil³.

Minister of Commerce Chen Deming and EU Trade Commissioner⁴ Peter Mandelson made this pledge at their meeting yesterday.

At a joint⁵ press conference after the meeting, Chen said: "The two sides should consolidate⁶ their strategic relations in today's complicated and fast changing world economic situation. I believe mutually beneficial cooperation between China and the EU will play a crucial role in stabilizing⁷ the world economy."

Mendelson agreed with Chen, and said interdependence and openness are even more important in these times of global economic turbulence⁸.

No one will benefit from protectionism, he said. "We stand to gain much more by opening up our economies to further trade and investment than we have risks to bear."

The fundamentals of the Chinese economy are sound, Chen said, because of which the country has been able to sustain its fast growth. The EU economy's fundamentals are good, too, especially in the non-financial sector⁹.

Therefore, their cooperation and development will help stabilize¹⁰ the global economy, he said.

The two sides agreed to strengthen bilateral ties in sectors¹¹ such as textile and steel trade, protection of intellectual property rights and transfer of technologies.

The EU trade commissioner arrived in Beijing on Wednesday to attend the 23rd EU-China Joint Economic and Trade Committee meeting. He will attend the World Economic Forum¹² in Tianjin over the weekend as well.