Chinese Premier Wen Jiabao delivers a speech during the fourth China-European Union (EU) Business Summit held at the Great Hall of the People in Beijing, capital of China, Nov. 28, 2007. (Xinhua Photo) Photo Gallery>>>

    BEIJING, Nov. 28 (Xinhua) -- European businesses will find themselves with more opportunities in the Chinese market in the coming decade, Chinese Premier Wen Jiabao said Wednesday when addressing the 4th China-EU Business Summit.

    "The incomes of rural and urban Chinese residents are growing, adding to the momentum of potential consumption," said Wen, stressing that European enterprises will find more opportunities waiting for them in China.

    China's development objective is to uphold the guidelines of expanding domestic demand, especially consumer demand, and to promote the transition from a largely investment- and export-driven economic growth to one that is evenly driven by consumption, investment and export, Wen said.

    Wen also said many European corporations, including those of the participants of the summit, have already set up production and assembly bases in China from which their products are supplied to the world market.

    This year marks the tenth anniversary of the regular meeting mechanism between Chinese and EU leaders. Trade and economic cooperation has become one of the powerful engines for the development of the China-EU Comprehensive Strategic Partnership.

    The actualized EU investment in China has seen a three-fold increase, with nearly 20,000 European businesses established in China over the past decade.

    The EU remains the largest supplier of imported technology to China, with nearly 70 billion U.S. dollars worth of newly-signed contracts.