Chinese Foreign Minister Wang Yi (R) meets with Jean Asselborn, vice prime minister and minister of foreign affairs of Luxembourg, during their talks in Beijing, capital of China, July 29, 2013. (Xinhua/Yao Dawei)

BEIJING, July 29 (Xinhua) -- Chinese Foreign Minister Wang Yi said on Monday that he appreciates and welcomes a price undertaking deal reached between China and the European Union to resolve their dispute involving solar panels.

Wang made the remarks while meeting with Jean Asselborn, vice prime minister and minister of foreign affairs of Luxembourg, in Beijing.

Wang thanked Luxembourg for supporting China's position on the solar panels dispute, noting that the deal not only conforms to the interests of China and the EU, but also benefits the recovery of the world economy.

Starting from June 6, EU imports of Chinese solar products were subject to a punitive duty of 11.8 percent until Aug. 6. After Aug. 6, the duty would have been raised to 47.6 percent if the two sides could not sort out the dispute through negotiations.

On Saturday, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) and the European Commission reached a price undertaking deal, which may bring the 11.8-percent punitive duty to an end, relieving both Chinese and the EU's manufacturers in the solar industry.

Asselborn extended congratulations to China on the conclusion of the price undertaking deal.

He said that as important cooperative partners, it is of great significance for China and the EU to open their markets to each other.

Noting that China is one of the most important countries in the world, he said Luxembourg is willing to beef up cooperation with China in the areas of finance, investment, communication, agriculture, food and tourism.

As a non-permanent member of the United Nations Security Council, Luxembourg is ready to enhance coordination with China on UN affairs, Asselborn said.

Wang said China will work with Luxembourg to enhance political mutual trust, boost pragmatic cooperation and enhance coordination on international affairs, so as to jointly promote the development of China-EU ties.