The Dialogue was opened by Joaquin Almunia, Commissioner for economic and financial affairs. Directors General Holmquist and Regling and Vice Finance Minister Zhu Zhigang co-chaired the dialogue.
Reviewing the global macroeconomic situation
The two sides welcomed the good performance of the world economy, which was aided by benign financial market conditions and buoyant global trade growth.
At the same time, the two sides agreed that downside risks, including rising price pressures, global imbalances, reassessment of risks in financial markets and growing protectionism required continued vigilance. In this respect, the two sides reaffirmed their commitment to the orderly unwinding of global imbalances. During the meeting, the Chinese side presented the measures undertaken to rebalance economic growth and to boost domestic demand, while the EU side explained progress made in fiscal consolidation and structural reform.
Financial sector reforms
Both sides had a fruitful exchange of information on financial sector reforms. Both sides stressed the importance of well-functioning and gradual opening of capital and financial services markets to promote economic growth, to reduce financing costs and to foster efficient allocation of capital. The two sides agreed to strengthen their cooperation in financial sector reform and supervision. On accounting and auditing both sides acknowledged the progress made on bilateral communication and cooperation and endorsed the decision taken at the last experts meeting held on 2 July, to create on both sides working groups which will start work of cooperation after this meeting in these two areas. An exchange of views took also place on Government Procurement and both sides took stock of the latest cooperation activities, the EU-China Government Procurement Seminar held in June in Beijing and the foreseen study tour of Chinese experts to Europe to see EU state-of-the art practices.
Next steps ahead
It was agreed that the 4th meeting of this Dialogue will be held next year in China. Both sides agreed that a regular exchange of information, including through ad-hoc technical meetings, should be pursued also between the annual Dialogue meetings.