What’s new: Chinese President vowed to reach an investment deal with Europe this year that will give European businesses greater market access in China.

“We hope that Germany and the European Union will remain open to Chinese companies,” Xi told German Chancellor Angela Merkel Tuesday during a phone conversation, according to the official Xinhua News Agency. Xi made the remarks days after the G20 summit.

Merkel congratulated China on signing the Regional Comprehensive Economic Partnership (RCEP) with 14 other Asia-Pacific countries and said she hoped to “put in more effort” to conclude the investment deal between the European Union and China, Xinhua reported.

The two leaders also discussed vaccine coordination to ensure equitable and efficient distribution, Xinhua said.

What’s the context: A China-EU bilateral investment treaty has been under negotiation for years. Senior Chinese officials said a conclusion can be expected by the end of this year.

China is seeking to recalibrate its ties with key American allies ahead of U.S. President-elect Joe Biden’s inauguration next year. Foreign Minister Wang Yi earlier this week called for enhanced strategic cooperation between China and the EU in a phone talk with Josep Borrell, the high representative of the EU for foreign affairs and security policy.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com).

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Xi Vows to Push Forward Conclusion of China-EU Investment Pact

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