Working Group aims to deepen EU financial ties

The first meeting of the China-EU Financial Working Group was held in Beijing on Monday and Tuesday. The working group aims to deepen exchanges and cooperation in the financial sector between China and the EU.

The meeting highlighted the EU’s desire to maintain financial cooperation with China despite rising geopolitical tension, as well as China’s determination for high-level opening-up, experts said.

The two sides discussed macroeconomic and financial stability, regulatory frameworks, market access for financial institutions, anti-money laundering cooperation, capital market building and cross-border data transmission, among other topics, according to the official WeChat account of the Peoples Bank of China (PBC), the central bank.

PBC Governor Pan Gongsheng and EU Ambassador to China Jorge Toledo attended meeting and delivered speeches.

Both sides agreed to continue following up on key issues before the second meeting, striving to achieve early results. They agreed that the working group can serve as an important channel for policy communication, solving practical issues and discussing global economic and financial issues.

Dialogue and exchanges between China and Europe in the financial sector demonstrate a mutual commitment to cooperation and win-win outcomes, amid rising protectionism globally and geopolitical tensions, Yang Chengyu, an associate research fellow at the Institute of European Studies of the Chinese Academy of Social Sciences, told the Global Times on Wednesday.

This dialogue highlights the great potential of future cooperation in the financial field between China and Europe, based on their complementary advantages, Yang said.

This partnership has the potential to drive global financial development, particularly in areas like sustainable finance, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Wednesday.