The deepening of cooperation between China and the European Union (EU) will make contribution to the world peace, stability and prosperity, visiting Chinese Vice President Xi Jinping said on Friday.

In a gala banquet with local entrepreneurs and industrialists, Xi said as the largest developing country in the world, China has a very deep connection of economic interests with EU.

"In the face of the international financial crisis and European sovereign debt crisis, China and Europe help and support each other, reflecting the high level of the bilateral relationship," he said.

Xi recalled that the total volume of the bilateral trade last year between China and EU was about 480 billion U.S. dollars. The arrivals of Chinese tourists in Europe last year were more than 1. 5 million, while over 3 million European tourists visited China.

He said that over 200,000 Chinese students are now studying in Europe, while the number of EU students who are studying in China has reached 20,000.

Xi believed that European people, who shared a strong desire to recognize China, agreed that China and Europe should enhance communication and strengthen cooperation.

He said the ongoing Chinese Cultural Year in Italy, which kicked off last October and will last for one year, has aroused great attention of the local society.

Xi said that the strategic plans made respectively by China and EU bring new opportunities to deepen and expand cooperation between the two countries.

"We sincerely hope that EU could make hi-tech cooperation and investment with China in a more active and open way," said the vice president, expressing also the wishes that China and EU could jointly oppose trade and investment protectionism.

Also on Friday, Xi met with Italian Economy and Finance Minister Giulio Tremonti and Economic development Minister Paolo Romani.

Xi, who is on an official visit to Italy, will also visit Cuba, Uruguay and Chile.