China has learned about the benefits of providing credit to facilitate trade. It’s worked to great effect in Africa, as well as South America. But now it’s getting closer to developed markets by targeting eastern Europe.

Chinese officials are targeting to kick-start trade with the European Union, its largest trade partner, where exports have fallen given the eurozone debt crisis affecting primarily richer members of the economic and political zone.

To do so, China is setting up a $10 billion credit line and a $500 million investment fund dedicated to central and eastern European states.

The move comes after several senior Chinese officials made visits to Europe this month and follows the gloomy export outlook for this year.

"The global economic situation has shown some improvement so far this year, but the basis for such recovery is fragile and there are still relatively big uncertainties," Premier Wen Jiabao said. "The Chinese side understands concerns among eastern European countries over trade imbalances and will boost imports from those countries."

Reacting to slower world economic growth and rising domestic costs, China is lowering its goal for trade growth this year.

China expects its trade to increase by 10 percent a year and be worth $4.8 trillion by 2015, according to its 12th Five-Year Plan (2011-2015) period, released on Thursday. The new target is significantly lower than the rate trade increased at during China’s 11th Five-Year Plan (2006-10), when it went up by 15.9 percent a year on average.

China is also ready to seal currency swap agreements and conduct trade settlements in local currencies with its central and eastern European partners and wants to launch a dedicated $10 billion credit line for them, as well as a special investment fund worth $500 million initially, Wen said. China will set up a China-Central and Eastern European Countries' Cooperation Secretariat, which will be in charge of communications and coordination, he said.

Earlier this week Wen also promised to increase bilateral trade volumes with Germany and Poland as part of a drive to diversify its foreign currency reserves, which are the world’s largest at $3.3 trillion.

He also reiterated China's support for European efforts to tame the eurozone debt crisis in a phone call with European Commission President Jose Manuel Barroso.