"Don't fear competition. Don't fear the opening up of the market. Look across the world, the economies that have the greatest growth are the economies that have opened up."

During his stay in Beijing, the EU commissioner reached several consensuses with his Chinese counterparts including narrowing the gaps between European and Chinese accounting and banking standards.

The two sides also saw advancement in dialogues concerning intellectual property rights and public government procurement.

For Biz China, I'm Li Peichun.

TY: Thanks, LPC. With that we've come to the end of this week's Biz China. If you have anything to say about the show, please write to us. Our email address is crieng@crifm.com. You can also send us a snail mail. Our postal address is English Service, China Radio International, Beijing, China. Zip code, 100040. From Beijing, I'm Tu Yun. Thank you for staying with us. Until next week, so long and take care.