China and EU look forward to positive impact of investment agreement
China and the European Union said they are nearing implementation of their investment agreement, as business experts and entrepreneurs met online with European trade representatives.
The China-EU comprehensive agreement on investment (CAI), to give its full title, has not yet taken effect as it awaits regulatory approval. But that hasn't stopped figures on both sides identifying promising areas for future trade.
Italian trade commissioner Gianpaolo Bruno pointed to the Chinese manufacturing sector as one ripe for further foreign investment, but said the CAI would open up new avenues for investment in services such as telecoms and banking.
It goes further than market access, with new regulations on state aid and transparency included in the agreement, to end imbalances in the trading relationship between the bloc and China by encouraging European investors to choose Chinese partners.
"China made very important commitments regarding sustainable development [and] labor law ... and we will see a lot of investment related to climate change, to energy transition," Portuguese investment counselor Patricia Conceicao told CGTN Europe.
And it's not simply cash investment Chinese businesses are looking forward to, according to Zhang Jianping, director general of the China Center for Regional Economic Cooperation.
"With market access relaxed, I think it brings a certain competitive pressure to Chinese companies. This will force them to invest in research and development, and find ways to retain talent.
"I think it's a good thing to have pressures to survive, when it comes to market competition," Zhang added.