Beijing, Dec 31 (IANS): Chinese President Xi Jinping and leaders of the European Union (EU) have announced that the two sides have completed investment agreement negotiations as scheduled.

The announcement was made on Wednesday during a meeting between Xi and German Chancellor Angela Merkel, French President Emmanuel Macron, President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen via video link, Xinhua news agency reported.

Calling the investment agreement between China and the EU as "balanced, high-standard and mutually beneficial", Xi said the treaty has shown China's determination and confidence to push high-level opening up.

"The agreement will provide greater market access, higher level of business environment, stronger institutional guarantees and brighter cooperation prospects for mutual investment," the Chinese leader said.

The treaty will also greatly boost world economic recovery in the post-pandemic era, enhance the international community's confidence in economic globalisation and free trade, making significant contributions to the building of an open world economy, Xi added.

Stressing China's commitment to fostering a new development paradigm will provide more market opportunities and cooperation potential for the EU and the world at large, the President called on the EU to uphold free trade and multilateralism, and provide an open, fair and non-discriminatory business environment for Chinese investors.