Chinese and EU think tanks have urged a fresh bilateral investment treaty, or BIT, between China and European Union members.

At the First China-EU CEO and Former Senior Officials' Dialogue on Friday, a proposal for China-EU business cooperation was put forward by the China Center for International Economic Exchanges, together with Brussels-based economic think tank Brugel, London-based Royal Institute of International Affairs and the Chinese University of Hong Kong.

"There is huge potential for bilateral trade and investments," said Zeng Peiyan, former vice-premier of the State Council, at the forum. "Setting up an effective bilateral scheme will play a vital role in promoting cooperation between the two sides and the global economy as a whole."