BEIJING, Oct. 16 (Xinhua) -- An understanding reached by China and the European Union (EU) on hybrid vehicles is reciprocal and mutually beneficial, a spokesperson for China's Ministry of Commerce said Friday, noting that claims that EU pressure had yielded results are entirely unfounded.The understanding, reached on the basis of three principles agreed upon by both sides -- compliance with World Trade Organization (WTO) rules, respect for facts and non-discrimination -- has effectively safeguarded the practical interests of Chinese enterprises, addressed the EU's concerns and prevented an escalation of China-EU trade frictions, the spokesperson said in response to a question.The purpose of China-EU economic and trade consultations is to properly handle differences and address each other's concerns through dialogue and consultation, the spokesperson said, stressing that both sides should demonstrate sincerity in resolving problems.The EU should not expect to gain benefits by exerting pressure, nor should it underestimate China's determination and ability to safeguard its own interests, the spokesperson said.The spokesperson urged the EU to meet China halfway and promote the sound and steady development of China-EU economic and trade relations. ■

A maiden voyage ceremony for southbound travel of yachts from Guangdong province was held on Friday in Hong Kong, marking the official implementation of a new scheme to facilitate yachts travelling between Hong Kong and Guangdong.Speaking at the ceremony, Michael Wong Wai-lun, acting financial