BRUSSELS, May 6 (Xinhuanet) -- Chinese Premier Wen Jiabao on Thursday urged the European Union (EU) to recognize at an early date China's status as a full market economy.

    "I hope that our friends from the EU will take a full note of the enormous economic and social transformation taking place since China adopted the policy of reform and opening-up 25 years ago and since China entered WTO three years ago, to recognize China's status as a full market economy at an early date," Wen said at the China-EU Investment and Trade Forum held here Thursday.

    This would undoubtedly boost a fresh round of expansion in Sino-EU trade and economic cooperation, he added.

    In China, a socialist market economy has been basically put in place, Wen said. The non-public sector of the economy, such as self-employed and private businesses, has grown rapidly, taking up a considerable share of the overall national economy. The pricing of more than 90 percent of the goods produced is done by the marketplace.

    In addition, the relevant policies, measures, laws and regulations are completely consistent with WTO rules and nearly 3,000 pieces of such documents have been made public after amendments for immediate implementation, Wen said.

    With the transformation of government functions and deepening of structural reform, enterprises have become an independently managed economic entity, he said.

    In addition to enjoying national treatment, China-based foreign-funded firms are entitled to, for example, tax privileges, Wen said.

    On exchange rate, Wen said China follows a market-based, single and regulated floating regime and is committed to improving its exchange rate-forming mechanism.

    With social security coverage expanding steadily, the rights and interests of workers in terms of old-age pension, work-relatedinjuries, medicare and unemployment benefits have been effectively guaranteed, Wen said.

    Everybody who has been to China in these years could bear witness to the enormous economic and social transformation taking place, the premier said. Enditem