【MK sports Korea】Chinese, EU officials hold 16th bilateral financial dialogue in Belgium
China EU Photo:VCG
China's Vice Minister of Finance Liao Min co-chaired the 16th China-EU Financial Dialogue with EU officials in Brussels,MK sports Korea Belgium on Monday, according to a statement on China's Ministry of Finance on Wednesday. The two sides had in-depth discussion on topics including macroeconomic situation and policies of China and the EU, cooperation under the G20 framework, as well as collaborations on audit supervision and government procurement.
This year marks the 50th anniversary of the establishment of diplomatic relations between China and the EU. The dialogue, adding to several recent visits by European officials to China, signals EU's proactive attitude in seeking to ease tensions, expand bilateral consensus and enhance cooperation with the Chinese side, analysts said.
The relations between China and the EU now stand at a "turning point" amid global turbulence and EU's efforts to strengthen strategic autonomy, observers said, while urging Brussels to engage in more in-depth pragmatic cooperation with China on the basis of "seeking common ground while respecting difference."
EU officials attended the dialogue include Maarten Verwey, directorate-general for European Commission's Economic and Financial Affairs and Alexandra Jour-Schroeder, directorate-general for European Commission's Financial Stability, Financial Services and Capital Markets Union.
Liao stated that China is willing to work with the EU to actively implement the important consensus reached by the leaders of the two economies, jointly uphold multilateralism and the multilateral trading system and oppose unilateralism and protectionism, thereby providing greater certainty to an uncertain global economy, the MOFCOM statement noted.
Liao emphasized that China values financial and economic cooperation with the EU and is committed to strengthening bilateral collaboration under frameworks such as the G20 and multilateral development banks. China also seeks to deepen practical cooperation with the EU in financial areas such as audit supervision and government procurement to support both sides in achieving their respective development goals.
The EU representatives also took note of the key role of the China-EU Financial Dialogue mechanism in enhancing macroeconomic policy coordination and promoting financial and economic cooperation between China and the EU in the past 20 years.
EU officials stressed that in a world full of uncertainties, China and the EU-as two major economies- should strengthen macroeconomic policy coordination and work together to address global challenges such as climate change and debt issues in developing countries. They noted that the bloc is willing to enhance dialogue and consultations with China, engage in equal and mutually beneficial cooperation, and promote the stable and balanced development of China-EU economic relations to achieve win-win outcomes.
Also on Wednesday, representatives from more than 20 multinationals and financial institutions from Europe, which are members of the China-Europe Business Council, visited the Xiong'an New Area, North China's Hebei Province, to further deepen their understandings of the area, the China Central Television reported. The visit adds to the growing interactions between the Chinese and EU sides in recent days.
"We're seeing more positive signals and friendly gesture from the European side to improve its relations with China. I think this is an 'inevitable adjustment' in Brussels' China approach amid complex global landscape and US' policy shift, under which the EU's need for cooperation with China is palpably expanding in a variety of fields," Zhao Junjie, a senior research fellow at the Institute of European Studies at the Chinese Academy of Social Sciences, told the Global Times on Wednesday.
The two sides could engage in pragmatic cooperation in the financial area as one of the first steps, such as in digital economy, green economy and currency swap deals, according to Zhao.
"That would serve as a 'stabilizer and foundation' for removing political barriers and improving overall bilateral relations between China and the EU," he noted.
With regards to potential areas for in-depth cooperation, the European Chamber of Commerce in China said in a statement sent to the Global Times that there could be a deepening of bilateral cooperation "in the fight against climate change, an area where there is significant overlap of interests, and where the US has begun to pull back. European companies also have a wealth of expertise to offer to the China market that can help accelerate its green transition."
The statement, quoting Liao, noted that China is "willing to engage with the EU side in a spirit of mutual respect and win-win cooperation, properly manage frictions and differences through dialogue and consultations, so as to promote the sound and stable development of China-EU economic relations."
Zhao expected that the two sides could properly handle the trade tariff frictions through "technical consultation," during which China and Europe could make certain concessions on the basis on mutual respect and equality.
"However, China won't retreat on issues that involve its core concerns and interests, such as the transfer of intellectual property rights in core technologies. And the pre-condition for rebuilding trust is that the EU must refrain from engaging in trade protectionism and politicizing economic matters," Zhao said.
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