The EU and China can help set the world back on track by working together to resolve issues created by the coronavirus pandemic, economist Jim O'Neill told CGTN following a summit between the two powers.

Highlighting a contrast between how the G20 countries came together to reinforce the global economy during the 2008 Global Financial Crisis and how the world has fractured amid the COVID-19 pandemic, O'Neill said such collaboration was vital.

"In order to really get out of this pandemic mess, we need proper global cooperation and this meeting can only be helpful in that regard," O'Neill, head of the Chatham House think tank told CGTN's Juliet Mann. "We need to try to get mutual interest, certainly on truly key global issues such as climate change and COVID-19, otherwise the world won't be able to fully recover from the mess that this pandemic has put us in."

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China's President Xi Jinping yesterday participated in a virtual summit with Ursula von der Leyen, president of the European Commission, Charles Michel president of the European Council and German Chancellor Angela Merkel. The two sides reaffirmed their ambitions to secure an investment deal this year and also discussed a range of other matters including the coronavirus crisis and the environment.

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