China, EU discuss economic policy, cooperation during financial dialogue

Chinese Vice Minister of Finance Liao Min co-chaired the 16th China-EU Financial Dialogue with EU officials in Brussels on Monday. The two sides had in-depth discussions on issues including the macroeconomic situation and policies of China and the EU, cooperation under the G20 framework, as well as collaborations on audit supervision and government procurement.

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, aiming to provide greater certainty to an uncertain global economy, said Liao.

Emphasizing that China attaches great importance to its financial and economic cooperation with the EU, he said China will strengthen bilateral collaboration with the EU under frameworks such as the G20 and multilateral development banks.

He said China will also 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.

In a spirit of mutual respect and win-win cooperation, China is ready to properly manage frictions and differences through dialogue and consultations with the EU, so as to promote the sound and stable development of China-EU economic relations, he said.

EU officials said 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.

The EU 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, they said.