Addressing the 4th Sino-EU Industrial and Commercial Summit, Yu said that in the past 10 years the trade volume between China and EU exceeded 1.2 trillion U.S. dollars, accounting for 85 percent of their total trade volume since the two sides established diplomatic relations 32 years ago.

Chinese products are deeply favored by European consumers, while numerous European brands are known to all in China. Sino-EU trade are mutually beneficial and has contributed a lot to the happiness of the two peoples, he said.

Statistics show that in the past 10 years EU invested an accumulated amount of 44.5 billion U.S. dollars in China, accounting for 83 percent of the total amount ever invested in China by the EU.

During that time, China bought more than 70 billion U.S. dollars worth of technologies from the EU, from which European enterprises won both market shares and high transferal fees, while China obtained technologies that are suited to its development conditions, said Yu.

"China is a constantly growing big market, while EU is a constantly expanding big market, the potential for economic and trade cooperation is unfathomable," he said.

He added that it's unavoidable that problems and difficulties may pop up in the process of bilateral cooperation, but they will not become obstacles if both sides can think rationally, communicate effectively, and seize opportunities in a timely fashion to push forward cooperation.

The summit was held on the sidelines of the Sino-EU leaders' meeting, which also opened Wednesday.