China urges EU to recognize full-market economy status

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China on Friday urged the European Union (EU) to recognize its full-market economy status at an early date and properly settle trade disputes amid the tumbling world economy.

"China hopes Belgium will exert its influence to push for an early recognizing of China's full-market economy status and remind the EU to be cautious on and restrain from using trade remedy measures," Vice Premier Wang Qishan told visiting Crown Prince Philippe of Belgium.

Wang urged the 27-member bloc, also China's largest trade partner, to properly settle trade disputes with China during the talks at Diaoyutai State Guesthouse in downtown Beijing.

"China has contributed a lot to the world economy by recording a 9.4 percent growth in the first three quarters of this year while adjusting its economic structure and managing inflation expectations," Wang said.

Prince Philippe, accompanied by a 450-member business delegation, is here to tap the Chinese market and seek investments from China, the world's top holder of foreign exchange reserves.

During the 10-day trip, the delegation will visit the Chinese cities of Tianjin, Guangzhou, Shenzhen, Shanghai and Chongqing and is expected to sign about 40 contracts.

Wang said China will expand two-way investment with Belgium, and enhance support to the two states' small and medium-sized enterprises via the China-Belgium direct equity investment fund.

China-Belgium trade has continued to surge since the two states forged diplomatic ties in 1971, when the bilateral trade volume was only 20 million U.S. dollars, much less than the 22.1 billion U.S. dollar record in 2010.

"We could expand cooperation in two-way investment, trade, finance, chemical industry, environmental protection, logistics, and green economy," Wang said.