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Charlie McCreevy, Internal Market and Services Commissioner, is visiting China (10-12 June) and Japan (12-15 June). Rolling information on the visit is available at: http://ec.europa.eu/internal_market/ext-dimension/news_en.htm
China (10-12 June)
Commissioner McCreevy's second visit to China aims at deepening the EU's economic relations with China and at strengthening regulatory cooperation in a number of key policy areas including financial services, accounting and auditing, securities and asset management, public procurement and intellectual property rights. He will hold a wide range of meetings with key personalities of the Chinese Government and Administration as well as with European and Chinese industry representatives.
In the area of financial services, he will place particular emphasis on boosting enhanced cooperation through dialogue among regulators in order to promote convergence and market access in financial sectors. In the area of accounting and auditing, he will encourage EU-China cooperation in order to ensure coherent interpretation and application of International Financial Reporting Standards (IFRS), as by 2009 the EU is to assess whether Chinese accounting rules are equivalent to IFRS. Securities and asset management will also be high on the agenda.
In the area of public procurement, he will present EU expectations on China's initial offer in relation to the Government Procurement Agreement (GPA) and will offer assistance in its preparation. On intellectual property rights, he will encourage further cooperation and the exchange of information on respective patents strategies.
Planned meetings
- Minister Jin Renqing, Ministry of Finance
- Governor Zhou Xiaochuan, People's Bank of China
- Mr. Lou Jiwei, President of the to-be-created Foreign Exchange Reserves Management Company
- Chairman Shang Fulin, China Securities Regulatory Commission
- Commissioner Tian Lipu, State Intellectual Property Office
- Mr. Liu Zhongli, President of the Institute of Certified Accountants
- Mr. Li Kemu, Vice-Chairman of the China Insurance Regulatory Commission
- Chairs and members of the European Chamber of Commerce in China (EUCCC)
Japan (12-15 June)
Commissioner McCreevy intends to use his first visit to Japan to give political impetus to numerous issues that are on the agenda of the biannual EU-Japan Regulatory Reform Dialogue. He will hold a wide range of meetings with government ministers and industry officials to discuss the latest developments on such issues as financial services, public procurement, intellectual property rights, postal privatisation and overall progress in regulatory reform.
In the area of financial services, he is particularly keen to look at the business environment under the new Financial Instruments and Exchange Law (FIEL), and to sound out the prospects for European financial institutions to provide fully-fledged, integrated financial services to their customers in Japan. Hedge funds, accounting standards convergence and the respective audit oversight systems will also be on the agenda.
Given the upcoming privatisation of Japan Post, Commissioner McCreevy will underline the importance of creating a level playing field between the postal entities and private sector competitors and to ensure that postal insurance, postal savings and postal delivery are obliged to meet the same requirements as their private sector competitors.
He will also visit the Tokyo Stock Exchange and give a keynote speech at a symposium on financial services which is open to the media.
To wrap up his visit, the Commissioner will give a press conference at the Commission delegation in Japan on 14 June, 16:00-17:00.
Planned meetings
- Minister Yamamoto, Minister for Financial Services
- Minister Fuyushiba, Minister for Land, Infrastructure and Transport
- Minister Watanabe, Minister of State for Regulatory Reform
- Minister Suga, Minister for Internal Affairs and Communications in charge of postal privatisation
- EBC (European Business Council)
- Mr Masayuki Oku, Chairman of Japanese Bankers' Association
- Mr Taizo Nishimuro, Tokyo Stock Exchange
