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China and the European Union (EU) agreed to increase cooperation in financial services and present a united front when dealing with the challenges facing the global economy at the 9th EU-China High-Level Economic and Trade Dialogue (HED). The HED also focused on supply chain disruptions due to COVID-19 as well bilateral trade and investment concerns.
The European Commission’s Executive Vice-President Valdis Dombrovskis and China’s Vice-Premier Liu He chaired the HED. European Commissioner Mairead McGuinness also took part in the discussions, especially regarding financial services. The HED also explored the far-ranging effects of Russia’s invasion of Ukraine, including on food, energy, and financial markets.
“The EU and China are key trading partners. The importance of our economies comes with a responsibility to shape joint responses to global economic and trade challenges, such as disruptions in supply chains, global food insecurity, debt relief for the most vulnerable countries, and reform of the World Trade Organisation. I emphasised that Russia’s war of aggression against Ukraine is creating considerable challenges for global security and economy. I also underlined the need for continued engagement to build more balanced and reciprocal trade and investment relations between the EU and China,” Dombrovskis said in a statement released by the European Commission.
China and the European Union (EU) agreed to increase cooperation in financial services and present a united front when dealing with the challenges facing the global economy at the 9th EU-China High-Level Economic and Trade Dialogue (HED). The HED also focused on supply chain disruptions due to COVID-19 as well bilateral trade and investment concerns.
Both parties welcomed the signing of the Memorandum of Understanding between the People’s Bank of China and the European Securities and Markets Authority which ensures access to the Shanghai Clearing House for European banks. The EU also responded positively to China’s willingness to assess its Carbon Emissions Reduction Supporting Tool, with a view to a possible participation of EU banks, added the release.
The EU and China have decided to hold the next HED in 2023.
The EU and China are major trading partners. In 2021, China was the third largest partner for EU exports of goods (10.2 per cent) and the largest partner for EU.
Fibre2Fashion News Desk (NB)
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