The European Union (EU) and China share common interests and the deepening of bilateral ties will bring benefits to both sides, Louis Michel, member of the European Parliament and former European Commissioner for Development and Humanitarian Aid, said in Strasbourg, France on Friday.

The ever deepening EU-China relations have produced many positive results, Michel told Xinhua in an interview, adding that the two sides should strengthen economic cooperation and political dialogue to promote the overall development of bilateral ties.

China and the EU are economically complementary to each other

to some extent, Michel said, citing the fact that the EU has 500 million consumers with strong purchasing power while China has a big domestic market, 1.3 billion consumers and increasing gross domestic product (GDP).

On political relations, Michel said he is optimistic about the prospects of EU-China ties as the development of the partnership with China is a priority in EU's foreign policy.

Michel said the two sides should hold political dialogues on a higher level to discuss issues including how emerging economies can play a bigger role in international institutions such as the Bretton Woods Institutions.

China and the EU could work together to help bring major reforms to international institutions including the International Monetary Fund, the World Bank and the World Trade Organization, he said.

As the Lisbon Treaty came into force early this month, Michel said, the EU has truly become a political entity with bigger influence in the international community.

Countries including China should view the EU as a whole and attach more importance to the bloc's common standpoint on major international issues, he added.

On cooperation with African countries, he said Europe should not feel upset about Sino-African cooperation as China's presence in Africa will enhance South-South cooperation and alleviate poverty in the continent.

Michel said China, like many African countries, used to face the daunting task of poverty reduction, but the country has lifted 400 million people out of poverty in a matter of 15 years by adopting a series of policies that conform to its national conditions.

By doing so, China has set an example for Africa by proving that a country can achieve much in poverty reduction through setting ambitious goals and introducing proper policies and measures, he noted.

China has impressed the world with its successful economic development and it has become a major geopolitical entity that will play a very important role on the world stage, he added.