Vice-Premier Ma Kai co-chaired the 5th China-EU High-Level Economic and Trade Dialogue in Beijing on Sept 28 with the visiting European Commission Vice-President Jyrki Katainen.

China signed a milestone agreement with the EU to co-develop 5G networks and promised to launch 5G commercial services by 2020.

Vice-Premier Ma Kai co-chairs the 5th China-EU High-Level Economic and Trade Dialogue in Beijing on Sept 28 with the visiting European Commission Vice-President Jyrki Katainen.[Photo/Xinhua]

China sets great importance by working with the EU and other countries to jointly promote the development of 5G industries and will strive to launch 5G commercial services in 2020, said Ma.

A joint working group was also set up to synergize China’s Belt and Road Initiatives with the Europe Investment Plan based on a Memorandum of Understanding signed between China and the European Commission.

Saying the working group is aimed at “studying specific plans on a coinvestment vehicle”, Ma pledged “in the not too distant future, we are going to produce a framework plan for the coinvestment vehicle and deliver it”.

Encouraging China to join the European Bank for Reconstruction and Development as a member, Katainen said the EU and China will reach consensus on the negotiation scope of the bilateral investment treaty by year’s end.