A prosperous future for China and Europe hinges on wisdom that can steer the course of their bilateral relations.

The 9th China-European Union (EU) Summit, which concluded on Saturday in Helsinki, was a good time for such wisdom to come to the fore. Leaders from both sides vowed to deepen the comprehensive strategic partnership between China and the EU in the joint statement issued after the summit.

They agreed to strengthen the political strategic dialogue, enhance the substantial co-operation in trade, sustainable development, environment protection, social security and finance services, and better co-ordinate international affairs.

The most prominent new initiative is the launch of negotiations on a new Partnership and Co-operation Agreement pushing forward the comprehensive collaboration in a wide range of fields.

This demonstrates that both sides are aware of the significance of deepening their comprehensive partnership, which will contribute not only to the regional prosperity, but also to world stability by promoting multilateralism.

Sino-EU ties have advanced tremendously since the 1990s as both sides have adopted a pragmatic attitude towards each other.

Following its first long-term strategy concerning China-EU relations in 1995, the EU published a series of policy documents, which have laid the foundation for long-term co-operation.

China's publishing of its first comprehensive policy paper on its relations with the EU in 2003 is perceived as a significant contribution to further deepening the ties.

Economic interests have served as a major catalyst for a fruitful rapport between China, the world's largest emerging market in need of modern entrepreneurial expertise, and the EU, a sophisticated old hand in terms of corporate development, marketing and resource management.
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Instead of cheap labor and low production costs, which used to be the main attractions for overseas investors, China is now upgrading its work force and creating a more mature market.
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The EU pledged to back China's efforts to introduce a circular economy and safeguard natural resources.

The third China-EU Business Summit, due to be held tomorrow on the sidelines of the 9th China-EU summit, testifies to both sides' commitment to maximize benefits by bolstering market access and investment opportunities.

There is still more potential room for co-operation in the areas, such as finance, environment, agriculture, education and rural development.

As vital forces in the international arena, China and the EU face the same global challenges. Both have embraced a constructive mind-set, which makes the environment for better co-operation, especially from the long-term strategic perspective, more dynamic.
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The annual summit serves as a platform for them to work together on their shared interests and explore ways to deal with differences and conflicts.

The lifting of an arms ban against China and the granting of the full market economy status to China comply with the EU's own interests. The earlier the problems can be resolved, the more benefits it could bring to both sides.

(China Daily September 11, 2006)