Both the Chinese and EU business communities encourage a positive approach from both sides to resolve the Market Economic Status (MES) issue, according to a declaration issued on Monday.

The declaration was issued by representatives of both communities after the EU-China Business Summit.

All EU business organizations and participants to the Summit recognize the progress achieved by China in recent years in its building of a market economy, the declaration said.

Developing a strong, cooperative and mutually beneficial relationship between China and the EU is in the interest of both parties, according to the declaration.

Business representatives on both sides agreed on the potential for closer business cooperation, it said.

All participants emphasized in the declaration the need to work together to increase ties and develop policy initiatives in order to enhance economic cooperation.

The Summit, held on Monday and focusing on Harmonized Development- Sharing Prosperity, brought together the top business and political leaders of China and the EU.

The Summit was jointly organized by the China Council for the Promotion of International Trade, the European Union Chamber of Commerce in China, the EU-China Business Association, the China Britain Business Council, the British Chamber of Commerce in China, the Confederation of British Industry and the Union of Industrial and Employer's Confederations of Europe, under the sponsorship of the Ministry of Commerce of China and the European Commission.

(Xinhua News Agency September 6, 2005)