"I am happy that today we have agreed with our Chinese partners to address the issue of industrial subsidies," the president of the European Council, Donald Tusk, said at a joint press conference at the end of the summit. He recalled that for the European Union the reform of the WTO should cover "as a priority" industrial subsidies.
"Both sides will intensify the discussions with the aim of strengthening international standards on industrial subsidies," reads the joint statement, in which they reiterate their commitment to cooperate in the reform of the WTO.
The joint text could have been agreed by both parties only after Beijing has agreed to expressly include the problem of industrial subsidies, although "without details", explained a senior European official, who acknowledged that the possibility of closing an agreement on the text only materialized on Monday after intense negotiations throughout the weekend.
The Chinese premier has argued that Beijing "always respects" the rules of the WTO, a "consistent" position of the Asian giant, and has said that his government is willing to work with the EU "for consensus and have discussions on the reform "
"We support fair competition, some subsidies are aimed at supporting workers so that they can stay," said the Chinese president, who has also defended that "some subsidies" in his agricultural sector have respected the rules of the WTO.
The Chinese leader has promised to the EU to continue "opening" the Chinese market and to guarantee "equal treatment" to European companies.
"We will open the market in both directions," Li assured.