China, EU sign five agreements

Posted By: Staff
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Nanjing, Nov 30: Chinese and European Union leaders have signed five agreements on trade and environmental technology on Monday, Nov 30.

The agreements were signed at one-day summit chaired by Chinese Premier Wen Jiabao, European Commission President Barroso and Swedish Prime Minister Fredrik Reinfeldt.

The five bilateral agreement include technological cooperation, near-zero emission coal utilisation, energy efficiency and building quality, the sustainable development of China's trade and investment, and environmental management.

European Central Bank president Jean-Claude Trichet said,"A realignment of the yuan would help eliminate global economic imbalances and benefit the Chinese economy."

Europe believes the Chinese currency is overvalued, which makes EU exports to China more expensive and keeps the price of Chinese goods sold in Europe artificially low.

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