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Wen also urged the two countries to increase exchange in culture and humanities in a bid to strengthen mutual understandings not only between China and Greece, but also between China and Europe as a whole.
He also called for the two sides to coordinate closely in international organizations including the United Nations, and jointly promote the reform of the international financial system.
Fully embracing Wen's proposal, Papandreou said Greece would make joint efforts with China to lift bilateral ties to a new level.
He congratulated Wen for the 61st founding anniversary of the People's Republic of China on the behalf of the Greek government and people, and thanked Wen for his "historic visit" at a time when the European country is experiencing many difficulties.
Papandreou said Wen's visit would help Greece to overcome the hardship and advance bilateral cooperation. By providing assistance to Greece, China is supporting Europe as a whole, he said.
Greece supports the idea that the European Union (EU) should recognize China's full market economy status, Papandreou said, adding that the EU should also lift its arms embargo on China.
During the talks, the two leaders had friendly, candid and pragmatic discussions on issues concerning bilateral ties, the China-EU relationship as well as global issues. They reached a lot of consensus.
The two sides issued a joint statement on deepening their comprehensive strategic partnership.
After their talks, Wen and Papandreou attended a signing ceremony for 13 bilateral deals, which cover areas concerning cooperation in maritime transportation, loan, telecommunication, export and cultural exchanges.