China has historically sought deeper ties with advanced Europe, which remains China's key technology partner and comprises primarily the core economies of Western Europe, he said.
However, China also has longstanding historical ties with the transitional economies of Central and Eastern Europe, which represent the "emerging Europe" and already offer many Chinese companies a cost-efficient gateway to advanced Europe, he said.
Most European multinationals also use these economies for low-cost production and assembly. Such investments are vital to Central and Eastern European economies, which can use them to intensify their modernization and move higher in the value-added chain, Steinbock said.
Ding Yuanhong, China's former ambassador to the European Union, said China's economic cooperation with the region can provide necessary technological and financial support and stimulate the rapid development of local economies, which will contribute to China and the EU's goal of reaching $1 trillion trade volume in 2020.
Ding said more efforts are needed as the trade volume between China and the 16 CEE countries accounts for only 10 percent of China's total trade volume with Europe, which reached $54.6 billion in 2012.
However, China's interest in Central and Eastern Europe has aroused concern from the EU and some European countries, which worry China's growing influence in the area may weaken the unity of Europe.
"For all practical purposes, Europe is not an integrated whole. As a result, it is only natural for China to approach Europe vis-a-vis individual economies, regional blocs and Brussels," he said.
Zhao Junjie, a European studies researcher at the Chinese Academy of Social Sciences, said China's deepening cooperation with Central and Eastern Europe is strategically significant both economically and politically.
"The economies of Central and Eastern European countries used to rely on the support of developed European countries like Germany and France. But these countries can no longer provide the necessary assistance because of the financial crisis," Zhao said.
China, on the other hand, is able to "invest in the area and export the best technologies" the CEE countries needed.
"It's a good chance for Chinese companies to enter the local markets and forward their business to the whole European market in the future," Zhao added.
Besides economic benefits, China's ties with CEE countries can also increase political trust between China and Europe.
"It's not only an important chance for the regional countries to boost their economies with China's help, but also an opportunity for China to deepen communications and understanding with Europe and complete bilateral relations at various levels," Zhao said.
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