LUXEMBOURG CITY - China and Luxembourg have agreed to strengthen bilateral cooperation regarding their respective financial sectors.

The pledge was made during Chinese Vice-Premier Ma Kai's separate meetings with Luxembourg's Grand Duke Henri and Prime Minister Xavier Bettel.

During the meetings, Ma said China cherishes its friendship with Luxembourg, and sees the country as a trustworthy partner in the European Union (EU).

Hailing bilateral ties in the fields of finance, steel and aviation, Ma said China is willing to further strengthen high-level interactions with Luxembourg, build political mutual trust and promote people-to-people and cultural exchanges in a bid to elevate bilateral ties to a new high.

"The financial sector is a priority of cooperation between China and Luxembourg," Ma said.

Henri lauded the smooth development of China-Luxembourg ties, saying that it is an example of cross-cultural cooperation.

China's economy is vibrant and Luxembourg is ready to engage with the country in innovative logistics as well as in other areas, Henri said.

Luxembourg hosts the European headquarters or branches of major Chinese banks, which has enhanced the country's leading position in the global financial market, Henri noted, reaffirming his commitment to work for closer China-Luxembourg ties.

As the year 2017 marks the 45th anniversary of the establishment of Luxembourg-China ties, it will be a great opportunity for the two nations to intensify cooperation in trade and tourism, Bettel said.

Luxembourg would like to be a gateway for China's cooperation with Europe, he added.

As to solving the problem of global steel overcapacity, Bettel suggested that China and the EU are seeking a win-win solution through cooperation.