The European Union told China on Monday to make good on a promise to open up its economy and warned of "very negative consequences" if Beijing goes ahead with a new security law on Hong Kong that the West says will curtail basic rights.

Speaking after video calls with Chinese Premier Li Keqiang and President Xi Jinping, the EU's chief executive and chairman said they had repeated accusations that Beijing has spread disinformation about the coronavirus.

"The relationship between the EU and China is...