The European Union Chamber of Commerce urged China to accelerate the pace of opening up and attract more foreign investment on Tuesday.

Releasing the latest European Business in China – Position Paper 2017/2018, European Chamber President Mats Harborn said China should continue to implement the public commitments it has made to economic globalization and openness in 2017.

In January, China's State Council outlined Document No. 5 to further open up its economy and establish a level playing field for all business. Later, the issue was elaborated upon in the government's Document No. 39 in August.

"These documents are clearly sending a signal that China wants to attract foreign investment," Harborn said.

To secure mutual benefits, Harborn urged the two sides to complete EU-China Comprehensive Agreement on Investment within the next 12 months.

According to the position paper, while China's outbound foreign direct investment (FDI) into Europe declined in the first half year, it does not change the long-term trend that will see it becoming an increasingly important source of FDI.

"The EU generally welcomes investment, for the employment it helps to create and prosperity that it contributes to. However, it must be possible for European businesses to make reciprocal investments in China," the paper said.