China-EU Financial Working Group holds first meeting

The first meeting of the China-EU Financial Working Group was held in Beijing on Monday and Tuesday, Report informs, with reference to Global Times.

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.

The meeting was also attended by representatives from the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the European Central Bank, the European Banking Authority, the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority, the Single Resolution Board, and the EU Delegation to China.

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.

A roundtable meeting for financial institutions was also held to gather suggestions and market access demands for further communication.