European Union leaders and China's President Xi Jinping will meet Wednesday by videoconference to approve the broad outline of a major investment pact, a statement said.

EU chiefs Ursula von der Leyen and Charles Michel will be joined by German Chancellor Angela Merkel and French President Emmanuel Macron on the call, the EU said.

The pact, which is still expected to take months to be finalised, is intended to further open the Chinese economy to European companies and was strongly backed by Germany despite concerns over human rights.