Chinese Premier Wen Jiabao and the European Union Commission President Jose Manuel Barroso jointly announced the establishment of the Sino-EU high-level economic and trade dialogue.
Wen and Barroso made the announcement at a press conference after talks.
The dialogue will be co-hosted by Chinese Vice Premier Wang Qishan and EU trade commissioner Peter Mandelson on Friday afternoon.
In his two-hour long talk with Barroso, Wen said that the Sino-EU high-level economic and trade dialogue would become an important platform to realize mutual benefits and joint success.
Wen said the EU is China's largest partner for economic, trade, scientific and technological cooperation, and that Sino-EU practical cooperation has brought about great benefits for both sides.
China and EU have established over 40 dialogue and consultation channels in politics, economy, finance, technology, energy and education, among others.
"It was in the common interests of both sides to strengthen cooperation between China and the EU," said Wen.
He noted that mutual benefits between the two sides greatly outweigh the contradictions and differences, and with respect and trust, the China-EU relationship would have to be further developed.