Wang, speaking at the opening of the day-long high-level economic and trade dialogue, said Beijing would help some EU members combat the sovereign debt crisis, state media and Dow Jones Newswires reported.

"It is in the fundamental interests of China and the EU to further strengthen mutually beneficial economic cooperation," Xinhua news agency quoted Wang as saying.

Last week, EU leaders pledged to defend debt-plagued eurozone nations with a permanent bailout mechanism from mid-2013 -- the successor to a temporary, IMF-backed trillion-dollar facility.

Greece and Ireland have both been bailed out by the EU and the IMF. Portugal, Spain, Belgium and even Italy are considered at risk by experts going into 2011.

In October, China pledged to back Greece, which nearly defaulted this year when investors snubbed its debt, by buying its bonds in future debt issues.

During a visit to Lisbon last month, Chinese President Hu Jintao pledged to help Portugal shed its fiscal crisis but Beijing has not yet made firm promises regarding the purchase of Portuguese government debt.

Wang was co-chairing Tuesday's talks with European Commission Vice-President in charge of competition policy Joaquin Almunia, Trade Commissioner Karel De Gucht, and Commissioner for Economic and Monetary Affairs Olli Rehn.

Almunia said the 27-nation bloc wanted to see "equal openness" in both the China and EU markets, as well as open access for the EU to raw materials. He said protection of intellectual property rights would also be on the agenda.

EU-China trade has exploded in recent years, making the EU the top destination for Chinese exports while China is Europe's biggest trade partner after the United States.

But European officials have complained bitterly about what they say is the artificial undervaluation of the Chinese yuan, saying it gives Chinese exporters an unfair advantage.

European firms are also concerned over China's move to cut export quotas of rare earths -- elements that are key components in everything from iPods to cars. Last year, China produced 97 percent of world supply of the minerals.

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