China has pledged US$10 billion in credit to back joint projects with Central and Eastern European countries. Visiting Chinese Premiere Wen Jiabao announced the deal at a business forum in Warsaw, Poland, and said he hopes the deal will facilitate the two sides' cooperation.
To boost business and trade, Wen said that China wants to help with infrastructure projects, including new technologies and green economy sectors. Also discussed at the Economic Forum was a new investment cooperation fund which would initially boast US$500 million to assist Chinese investments in the region. He also announced a plan to expand the Chinese market with other countries with hopes to build trade exchange to US$100 billion before the year 2015.
"China will work with countries in Central and Eastern Europe to mutually open the markets and to increase the trade exchange to $100 billion before 2015," Wen said.
Prime Minister Donald Tusk of Poland happily welcomed the Chinese investment, noting the country's uprising economy and European leadership role. Both Wen and Tusk enthused about the potential they say their partnership has and encouraged others in the region to form similar agreements.