Chinese Premier Li Qiang on June 12 met with the European Central Bank (ECB) President Christine Lagarde in Beijing, where he called for enhanced opening up and cooperation between the two sides.

Noting that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union (EU), Li said China is willing to work with the EU to consolidate political mutual trust, expand practical cooperation, and jointly promote development and prosperity.

The economies of China and the EU are highly complementary, and China has the advantage of a super-large market and market potential that continues to be released, Li said, adding that there is great potential for cooperation between the two sides in many fields.

As two major economies and two major forces, China and the EU should enhance multilateral coordination, promote opening up and cooperation, and make greater contributions to promoting the recovery of the global economy and improving global governance, Li said.

He said China is willing to strengthen cooperation with the ECB on the reform of the international monetary system, and China will firmly expand its opening up and share development opportunities with other countries.

Lagarde said tariff wars and trade wars will only lead to a lose-lose situation, and upholding multilateralism and strengthening the opening up and cooperation are the right options.

The ECB is pleased to establish a meeting mechanism of the central bank governors with China and hold its first meeting, and is committed to strengthening communication and coordination with Chinese financial institutions, expanding and deepening cooperation areas, and jointly addressing global challenges, Lagarde said.