China remains a promising land for foreign businesses and steps are being taken to make it even more magnetic for European and other investors, Premier Li Keqiang said on June 2 as he addressed the 12th China-EU Business Summit in Brussels.

Additional administrative approval procedures will be cut to make sure both foreign and domestic investors are treated equally, Premier Li told business leaders from China and Europe at the summit.

It is hoped that executives realize that China’s world ranking for business environment is on the rise, the product of consistent effort to improve its corporate climate, Premier Li said.

The Premier spoke of increased business opportunities even as the European Union has been China’s largest trading partner for years, and China is the second largest trading partner of the EU.

The two partners are continuing to negotiate the China-EU Bilateral Investment Treaty. Assistant Minister of Commerce Li Chenggang said recently that the negotiation is “being advanced in a steady manner”.

The premier also expressed optimism for further progress on the investment treaty during his EU visit.

Premier Li told the gathering that capable Chinese enterprises are being encouraged to invest in Europe.

The premier said the benefits of globalization for China, European nations and all parts of the world have been seen by all.

In order to tackle the downsides, however, countries should work together to perfect the global governance system and make globalization better benefit all countries and peoples, he said.

Free trade leads to the opening of doors, fair competition and more options for consumers worldwide, he said.

But Premier Li said it is difficult for any two countries to have completely balanced trade at all times, and attempting to make that happen could affect the process of free trade.

Countries need to maintain a cool head when discussing how to evaluate free trade and how to implement fair trade, he said.

The Premier said China has been upholding the principle of multilateralism and thus living up to the rules of the World Trade Organization.

It is hoped that businesses from both China and Europe will follow the rules, he added.