Chinese shares close higher Thursday

Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.12 percent to 4,098.64 points.

The Shenzhen Component Index closed 0.8 percent higher at 15,861.89 points.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.96 percent to close at 4,125.07 points Thursday.

China-European Union (EU) economic and trade relations are win-win in nature, and China expects to achieve a win-win result through the negotiations on steel tariffs, said Commerce Ministry spokesman He Yadong at a press conference in Beijing on Thursday. The European Parliament on May 19 approved the plan to increase tariffs on imported steel. Starting July 1 this year, tariffs on imported steel exceeding quotas, which have also been significantly reduced, will double from the current 25 percent to 50 percent.

"EU's move is trade protectionism in nature. Not only will it fail to maintain the steel industry's competitiveness, but it will severely strike China-EU steel trade and affect the stability of the global supply chain. Currently, China is negotiating with the EU within the framework of the WTO, of which the EU is an important member. We urge the EU to strictly abide by the WTO rules, fully respect China's legitimate rights and interests, demonstrate sincerity in negotiations, and ensure a transparent negotiation process and a fair and reasonable outcome. The China-EU economic and trade relations are win-win in nature. China expects to achieve a win-win result through negotiations and promote the steady and healthy development of China-EU economic and trade relations. If the EU takes a discriminative approach to Chinese enterprises and products, China will take corresponding measures and resolutely safeguard its legitimate rights and interests," said He.