Ministry of Commerce: The 10th China Europe Economic and Trade High Level Dialogue Reached a Series of Achievements and Consensus

The 10th China Europe Economic and Trade High Level Dialogue was held in Beijing on September 25th. On September 26th, a spokesperson for the Ministry of Commerce stated in an answer to reporters' questions about the 10th China Europe Economic and Trade High Level Dialogue that both sides have reached a series of achievements and consensus on macroeconomic policy coordination, industrial chain supply chain cooperation, improving the business environment, WTO reform, two-way opening up of the financial industry, and regulatory cooperation.

The details are as follows:

A reporter asked: It is understood that on September 25th, China and the EU held the 10th China Europe Economic and Trade High Level Dialogue. Can you provide specific information? What consensus have both parties reached?

A: On September 25th, the 10th China Europe Economic and Trade High Level Dialogue was held in Beijing. The two sides of China and Europe held practical, candid, and fruitful discussions on four topics: macroeconomic, trade and investment, industrial chain supply chain, and financial cooperation. Both sides have reached a series of achievements and consensus on macroeconomic policy coordination, industrial chain supply chain cooperation, improving the business environment, WTO reform, two-way opening up of the financial industry, and regulatory cooperation.

Both sides believe that the world is currently undergoing profound historical changes and the global economic recovery momentum is insufficient. In this context, China and Europe adhere to dialogue and cooperation, promoting common development and prosperity, which is of special significance. This year marks the 20th anniversary of the establishment of a comprehensive strategic partnership between China and Europe. Both sides are willing to work together to promote the healthy and stable development of practical cooperation between China and Europe, inject more confidence into the prosperity and development of the world economy, and prepare for the 24th China Europe Leaders' Meeting in the economic and trade fields.

Both sides agree to strengthen macroeconomic policy communication and coordination, work together to address global challenges such as climate change, food security, and energy security, maintain global economic and financial market stability, and inject more confidence into world economic growth.

Both parties promise to maintain two-way openness and provide a fair and non discriminatory business environment for each other's enterprises. China is willing to regularly convene the China Europe Economic and Trade Mixed Committee with the European side, fully utilize dialogue mechanisms such as the China Europe Trade and Investment Policy Dialogue and the China Europe Economic and Trade Working Group, and strengthen exchanges between the Ministry of Commerce of China and the European Commission's General Department of Trade.

Both sides agree to jointly maintain and strengthen the multilateral trading system with the WTO as its core and rules as its foundation, and oppose unilateralism and protectionism. Both sides unanimously believe that the success of the 13th Ministerial Conference is in the common interest of all WTO members, including China and Europe. They are willing to promote practical results on issues such as the entry into force of the Fisheries Subsidy Agreement, food security, new member accession, and preferential policies for the graduation transition period of least developed countries.

Both sides reiterated the necessary reforms to promote the World Trade Organization and reached multiple consensus on promoting the reform of dispute resolution mechanisms, e-commerce, trade and environment, and review and supervision functions. Both sides welcome the conclusion of the Investment Facilitation Agreement, which will promote the participation of more members and enable the negotiation results to be incorporated into the multilateral legal framework as soon as possible. Both sides promise to continue to strengthen exchanges and promote the better functioning of the World Trade Organization through the China Europe WTO Joint Working Group on Reform.

Both sides agree to build a stable and mutual trust industrial chain supply chain, jointly maintain the resilience and stability of the global industrial chain supply chain, and oppose "decoupling and chain breaking". Both sides discussed the establishment of an early warning mechanism for the China Europe raw material supply chain and agreed to maintain communication.

Both sides agree to establish a dialogue mechanism in the field of export control and engage in communication and dialogue on export control policies and practices.

Both sides fully acknowledge the good cooperation in the field of intellectual property, agree to continue strengthening dialogue and cooperation in the field of intellectual property, and agree to convene the 26th meeting of the China Europe Intellectual Property Working Group in November 2023.

Both sides fully recognize the promoting role of the smooth implementation of the China Europe Geographical Indication Agreement in promoting agricultural trade between China and Europe, and agree to accelerate the second batch of China Europe geographical indication review work, so that more geographical indication products of both sides can receive high-level protection.

Both sides welcome the dialogue between the China Food and Drug Administration and the European Commission's Growth Division in the field of cosmetics, as well as the timely holding of a meeting of the China Europe Cosmetics Working Group to exchange ideas on promoting China Europe cosmetics trade, conduct discussions on issues of concern to both sides, and seek feasible solutions.

Both sides agree to accelerate the process of EU agricultural product market access, promote more high-quality EU agricultural products to enter the Chinese market, expand the scale of China Europe agricultural product trade, and better meet the needs of both sides' people. Both sides agree to restart the China Europe Alcoholic Beverage Working Group. China will strengthen technical exchanges on regional management of animal diseases with some EU member states, and continue to engage in expert level exchanges with the EU to accumulate conditions for promoting future cooperation in regional management of animal diseases between China and Europe.

China attaches great importance to the concerns of the European side regarding the registration of infant formula formula. We will dispatch personnel to EU member states for on-site verification as soon as possible, increase the frequency of on-site verification, and actively promote the progress of registration review and approval.

Chinese government procurement treats products and services produced and provided by domestic and foreign enterprises within China equally and equally. I hope the EU supports China's early accession to the Government Procurement Agreement.

China will invite the European Union Chamber of Commerce and EU enterprises to participate in the roundtable for foreign-funded enterprises, utilizing the specialized mechanism for key foreign-funded projects to provide convenience and service guarantees for EU enterprises to invest in China. China will continue to support EU enterprises in China to participate in green card trading and cross provincial and cross regional green power trading fairly in accordance with the principles of marketization and rule of law, and strengthen the promotion of our green energy policy to EU enterprises in China.

The two sides exchanged in-depth and candid views on the trade policies recently launched by the European Union, such as international procurement tools, foreign subsidy review, and carbon border adjustment mechanism. China hopes that the European side will prudently use trade relief measures, encourage deepening cooperation in the new energy industry represented by electric vehicles, and create a good environment for normal trade exchanges and green and sustainable development between China and Europe.

Both parties agree to further promote the two-way opening of the financial industry and encourage financial institutions that meet their respective conditions to invest and develop in the other party's market. Both sides have decided to establish a deputy ministerial level financial working group under the China Europe economic and trade high-level telephone system to strengthen cooperation in financial fields such as financial openness, financial infrastructure, financial regulation, sustainable finance, and fintech.

Both sides agree to strengthen cooperation in green finance and sustainable finance, promote the use and improvement of the "Common Classification Catalogue of Sustainable Finance", and assist in the green transformation of the China Europe economy. China is willing to seriously study and consider including more EU legal representative banks in China as carbon reduction support tools.

Both sides agree to strengthen communication and cooperation between China Europe securities and futures regulatory authorities within a multilateral and bilateral framework, jointly address international economic and financial challenges, and strengthen regulatory cooperation with "qualified central counterparties". The China Securities Regulatory Commission and relevant departments of the European Commission will jointly evaluate the equivalence determination of central counterparty regulation and regulatory framework, in order to create conditions for China Futures Exchanges that provide clearing services to apply to become "qualified central counterparties" in the European Union.

The financial regulatory authorities of both sides agree to further strengthen communication and cooperation, and jointly promote the stable development of the financial market. The European side welcomes the achievements made by China in recent years in optimizing the regulatory requirements of foreign banks' branches in China. China hopes that the European side will fully consider China's reasonable concerns when revising policy guidelines related to banking regulation, and provide a good business environment for the development of Chinese banks in Europe.