BRUSSELS (AP) — European Union leaders worried about China's growing power are devising plans to counter the ambitions of a country they describe as a "systemic rival."

The European Council will discuss on Friday a 10-point strategy set out by the European Commission before an EU-China summit next month.

The EU wants to "fully address the distortive effects of foreign state ownership" and "achieve a more balanced and reciprocal economic relationship."

China is the EU's second-biggest trading partner behind the U.S. while China is the EU's second largest partner. The trade in goods between the two is worth around 1.1 billion a day, but the balance is largely in China's favor.

Chinese President Xi Jinping is currently in Italy and will travel to France next week as part of a European tour.