China will advance talks on the Comprehensive Agreement on Investment with the European Union at its own pace with a view to reach a comprehensive, balanced and high-level pact, according to the Ministry of Commerce.

China and the European Union are two major economies in the world today. The conclusion of the CAI, also known as China-EU bilateral investment treaty, is not only conducive in deepening bilateral economic and trade cooperation, but also has great significance to the recovery of the global economy, the ministry said in a statement on late Thursday.

The CAI aims to provide more opportunities and advanced institutional guarantees for bilateral investment. The conclusion of the agreement requires both parties to work together and meet each other half way, said the ministry.