On Nov 27, Premier Li Keqiang attended the sixth meeting of the leaders of China and 16 Central and Eastern European countries in Budapest, Hungary.

The 16+1 cooperation mechanism is one of the most significant cross-regional cooperation mechanisms globally. This year is the fifth anniversary of the establishment of the 16+1 cooperation.

Premier Li proposed five initiatives to further advance 16+1 cooperation at the meeting. The key to its fast development is to apply the principles of equality and consultation, mutual benefit, openness and inclusiveness and innovation, he said.

Li also announced that China will provide financial support for cooperation between China and the 16 Central and Eastern European countries.

Li announced the establishment of China-CEEC Inter-Bank Association and the second phase of China-Central and Eastern Europe Investment Cooperation Fund in a keynote speech to the seventh China-CEEC Economic and Trade Forum held in the Hungarian capital city of Budapest.

He said the China Development Bank will provide an equivalent amount of 2 billion euros ($2.4 billion) as development-oriented financial cooperation loans for the inter-bank association.

Analysts say that the 16+1 cooperation is a key part of the comprehensive strategic partnership between China and Europe and helps promote balanced development in Europe.