London/Hong Kong (CNN Business) Europe has finalized an investment agreement with China that is designed to rebalance trade with the world's second largest economy, despite US concerns that the deal could be counterproductive. Negotiations were completed on Wednesday during a video conference with Chinese President Xi Jinping and EU officials, according to a statement from the European Commission. "The European Union has the largest single market in the world. We are open for business but we are attached to reciprocity, level playing field and values," European Commission President Ursula von der Leyen said on Twitter. In comments reported by Chinese state media outlet Xinhua, Xi said the new deal will "strongly stimulate" the world's post-pandemic economy recovery, while promoting global trade and investment liberalization.

Source: CNN December 30, 2020 14:15 UTC