European Union officials will meet to discuss about whether to offer China market economy status on Wednesday.

The meeting comes as China and Europe reached agreement on a series of key issues pertaining to the steel trade.

Analysts say it's likely the EU may soften its stance a little from two months ago. EU officials said at a recent meeting in Beijing that they will treat China in accordance with WTO rules, and not use any discriminating measures.

According to the agreement reached when China joined the WTO, China is expected to gain "market economy status" by the end of this year.