China and France ink 71 deals

China and France signed more than 70 agreements covering economic and financial cooperation on Friday aimed at strengthening bilateral trade and investment relations and for the joint development of the advanced manufacturing industry.

The fifth China-France High-Level Economic and Financial Dialogue, which was held in Beijing from Thursday, co-chaired by Chinese Vice-Premier Ma Kai and French Minister of Finance and Economy Bruno Le Maire, discussed various topics focusing on injecting new impetus to bilateral relations.

A joint statement after the dialogue announced 71 achievements, including cooperation in manufacturing projects in sectors such as automobiles, aerospace, nuclear and other green energy.

China will open its market for import of French pork products, beef and baby milk powder. In addition, the country will also buy more Airbus A380 aircraft, according to the statement.

The country’s decision to open up the financial sector for foreign investors by raising the limit on foreign ownership in joint venture financial companies to 51 percent from 49 percent will encourage more French financial institutions to plan ventures, said Ma.

China will also continue to open the bond market, encourage investment under the Renminbi Qualified Foreign Institutional Investors scheme, jointly develop green bond markets and support Paris as an international renminbi offshore hub, while improving cooperation in financial regulation and anti-money laundering.

The two sides will also strengthen macro economic policy coordination, said Ma. “More positive changes have been emerging in China’s economy, although the global recovery still faces several uncertainties. Acceleration of policy adjustment in some developed economies may result in disturbances in emerging economies.”

Trade protectionism is threatening global economic stabilization and the current round of dialogue will help build a framework for a “new era” of China-France economic and trade cooperation, French Minister of Finance and Economy Bruno Le Maire said at a news briefing after the dialogue.

Chinese Vice-Minister of Finance Shi Yaobin urged France to help the European Union make a “correct decision” when it reviews new EU legislation approved by the European Parliament designed to protect EU industries from imports by using the so-called market distortions as a tool.

the new limit on foreign ownership in joint venture financial companies