Premier Li Keqiang and French President Francois Hollande have agreed to create a joint fund to support their plans of exploring third party markets by boosting production.

According to China Daily, the plan, which both leaders started discussing on June 30, involves combining China's production capacity with technological know-how from France to support developing economies.

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Premier Li explained that the move "will not only meet demands of developing nations but can cut prices, raise quality and save energy."  He noted that it is a win-win-win situation for all the parties involved as the plan will help upgrade Chinese industries and boost France's exports as well as reduce poverty and support the industrialization of developing nations in Asia and Africa.

Premier Li highlighted the fact that while China is set to become a mid-developed country by 2025, the development of other nations was still important to the country's ambitions. "China's development cannot be achieved without the rest of the world. That is why we need to promote global cooperation and production capacity," he said.

China and France have also agreed to increase their bilateral trade and boost cooperation in several areas, including agriculture, finance, nuclear energy, aerospace, rail transportation and environmental protection.

On Tuesday, France's Prime Minister Manuel Valls revealed that his country is keen to explore its cooperation with China. He also applauded the efforts of the Chinese government to deal with climate change. According to Valls, China and France are planning to enter into "large scale industrial partnership."

Reports indicate that both nations have signed a deal that will see France develop a processing and recycling facility for used nuclear fuel as well as another facility for refining and recycling fuel, according to CRIENGLISH.com.

China Central Television also reported that China has signed an agreement for the supply of up to 45 wide-body Airbus A330 planes from France. The deal also includes plans for the purchase of about 30 additional aircrafts.

Valls revealed that on Thursday China and France will sign an agreement for the development of an aircraft construction center in Tianjin.

Premier Li, who is set to end his visit to France today, has revealed that China is willing to enter similar cooperation agreements with other European nations.

TagsChina-France, Premier Li Keqiang France, China-France Cooperation