Chinese vice Premier Liu He and Executive Vice President of the European Commission Brofskis jointly presided over the 8th China-EU High-level Economic and Trade Dialogue through video conferencing on July 28. The two sides promised to further promote two-way opening up and mutually beneficial cooperation in the financial industry. European financial institutions are welcome to invest in China, participate in the establishment of foreign-owned or wholly-owned securities fund and futures companies, and high-quality European listed companies are welcomed to list on China’s domestic capital market in the form of Chinese Depositary Receipt (CDR). The European side is willing and considering exemption or relaxation of the regulatory requirements for local branches of Chinese banks. Both sides are committed to continue to promote the internationalization of EURO and RMB, strengthen cross-border regulatory cooperation, promote the interconnection of financial infrastructure, and support each other in building international financial centers with global influence.
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