After the inaugural meeting in Beijing on 18 and 19 March 2024, the China-EU Working Group on Financial Cooperation held its second meeting on 13 and 14 May in Brussels, under the co-chairmanship of Deputy Governor Xuan Changneng of the People’s Bank of China (PBOC) and Director-General John Berrigan (DG FISMA – European Commission).
The two-day meeting gathered senior officials from the PBOC, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and on the EU side from DG FISMA, the European Central Bank, the European Bank Authority, the European Securities Markets Authority, the European Insurance and Occupational Pensions Authority and the European Single Resolution Board.
Financial authorities from both sides exchanged views about the respective macro-economic and financial stability situations in the current unstable global economic environment. Discussions on financial regulatory cooperation covered operating conditions for banks, insurance companies, pension funds and leasing companies, and supervisory frameworks. The Working Group discussed extensively financial markets issues and exchanged views on topics related to sustainable finance, cross-border data transfers and payments. Both sides also took stock of the good progress achieved on a number of the issues discussed at first meeting of the Working Group, confirming the importance of the Working Group as a channel of policy communication between China and the EU, a platform for identifying practical solutions and a forum for discussion of global economic and financial trends. Both sides agreed to follow up and work on remaining issues with a view to making further progress, which will be reported to the High-Level Economic and Trade Dialogue between China and the EU.
An EU-China financial Roundtable was held back-to-back with the Working Group meeting, which gathered financial institutions from both sides. They explored how best to support servicing corporate customers and investors in each other’s jurisdiction, and collaboration on digitalization and Fintech.
