BEIJING - China and the European Union (EU) kicked off their third High-Level Economic and Trade Dialogue (HED) in Beijing Tuesday.

Chinese Vice Premier Wang Qishan (center) speaks at the third High-Level Economic and Trade Dialogue between China and the European Union (EU) in Beijing, Dec 21, 2010. [Photo/Xinhua]

The dialogue is co-chaired by Chinese Vice Premier Wang Qishan and European Commission Vice President in charge of competition policy Joaquin Almunia, Trade Commissioner Karel De Gucht as well as Commissioner for Economic and Monetary Affairs Olli Rehn.

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It is the first such meeting since the Lisbon Treaty was enforced and will cover macro-economic challenges facing the international economy, competition questions as well as trade, investment, innovation, and customs cooperation.

It is essential for both China and the European Union that foreign companies find a welcoming economy in China, Almunia said at the opening of the trade talks.

Almunia also said that China and the EU share a common interest in pushing the Doha round to completion in 2011.

China-EU trade relations have suffered in recent months from a slew of disagreements ranging from debate over the value of China's yuan currency to China's concerns over EU duties on Chinese products.

The third High-Level Economic and Trade Dialogue between China and the European Union (EU) is held in Beijing, Dec 21, 2010. [Photo/Xinhua]

Officials from China's Ministry of Commerce, National Development and Reform Commission as well as Ministry of Industry and Information Technology will participate in the dialogue.

The EU is also represented at the talks by Commissioner for Taxation and Customs Union Algirdas Semeta, Director General for Enterprise Heinz Zourek and Deputy Director-General for Information Society Antti Peltomaki.