BEIJING, Nov. 28 (Xinhua) -- Chinese Premier Wen Jiabao on Wednesday set out a five-point proposal for strengthening China-European Union (EU) cooperation in trade and economy.

    At the fourth EU-China Business Summit, Wen said "China and the EU enjoy strong economic mutual complementarity and enormous potential for cooperation," adding China and the EU should do more to promote the cooperation.

    First, the two sides should advance negotiations on the trade and economic chapter of the China-EU Partnership and Cooperation Agreement (CPA) and on renewing the 1985 trade and economic agreement, Wen said.

    These negotiations are critically important to deepening and enhancing the China-EU comprehensive strategic partnership, he added.

    Second, China and the EU should strengthen cooperation in multi-lateral economic organizations such as the World Trade Organization (WTO), the premier stressed.

    Third, the two sides should promote the hi-tech and services trade, he said.

    China and the EU should fully leverage on the existing dialogues on services and hi-tech trade to further advance bilateral cooperation in those fields, he added.

    Fourth, bilateral cooperation on environmental protection and energy conservation should be expanded, Wen said.

    It is estimated China will invest 300 billion U.S. dollars, or 30 percent of the world's total, in energy conservation and environmental protection in the next five years, he added.

    Fifth, the two sides should increase the level of cooperation in scientific research and education, the premier said.

    Over the past decade, achievements in China-EU trade and economic cooperation have been remarkable: the EU has leaped as the largest trading partner and export market for China, whereas China is now its second largest trading partner.

    During that period, annual bilateral trade has quadrupled and is expected to surpass 330 billion U.S. dollars this year, while the actualized EU investment in China increased by more than three folds, with nearly 20,000 European businesses now established in China, according to the Premier.