China and the European Union reaffirmed their commitment to conclude a comprehensive bilateral investment agreement this year during a virtual leaders' meeting on Monday.

Premier Li Keqiang co-chaired the virtual 22nd China-European Union leaders' meeting with European Council President Charles Michel and European Commission President Ursula von der Leyen via video link.

Leaders from both sides noted progress being made in the investment talks, and look forward to reaching an agreement at a highly ambitious level, according to a press release issued after the meeting.

Both sides agreed to make the utmost efforts to reach consensus over rules regarding fair competition, it said.