The Ministry of Finance releases a joint statement on the 9th China France High Level Economic and Financial Dialogue, covering the fields of China France and the economy

On July 29th, the website of the Ministry of Finance released a joint statement on the 9th China France High Level Economic and Financial Dialogue. The full text is as follows:

Theme: Implementing the consensus of the two heads of state and jointly deepening mutually beneficial economic and financial cooperation between China and France

The dialogue has contributed to the consensus building in the preparations for celebrating the 60th anniversary of the establishment of diplomatic relations between China and France in 2024. During the 9th China France High Level Economic and Financial Dialogue, both sides reached the following consensus:

1. Both sides reiterated the common approach adopted by the two countries on multilateral and global issues, as reflected in the joint statement of the two heads of state during President Macron's visit to China, and will further strengthen cooperation in multilateral and global fields.

2. Regarding global governance, international financial institutions, and financial sustainability.

Both sides appreciate the results of the Paris New Global Financing Compact Summit from June 22nd to 23rd, which will contribute to strengthening development and climate financing structures, meeting the needs of emerging markets and developing economies. The French side welcomes the participation of a high-level Chinese delegation. The French side will send high-level representatives to the third the Belt and Road Forum for International Cooperation.

Both sides work together to promote global economic recovery and sustainable development, and maintain global financial stability. Both sides will strengthen coordination and cooperation under the G20 framework, and promote the G20 to play a major forum role in international economic cooperation. China and France are willing to jointly promote the New Delhi Summit to release a positive signal of G20 strengthening unity and cooperation, and working together to address global economic challenges.

Both sides promise to strengthen cooperation with the International Monetary Fund and multilateral development banks, including the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank. Both sides agree to reform the governance of the international financial architecture to make it more efficient, fair, and suitable for today's world. Especially for the IMF, both sides look forward to the successful completion and rapid implementation of the 16th overall share inspection. Both sides support a strong, share based, and resource sufficient IMF and its core role in the global financial safety net. Both sides support promoting the voluntary transfer of special drawing rights to vulnerable countries by countries with surplus resources, and promoting the implementation of the G20 Sustainable Finance Roadmap.

China and France once again emphasize the importance of effectively, comprehensively, and systematically addressing the issue of debt vulnerability in fragile countries. China and France will cooperate with other G20 members to implement a common framework for G20 debt management in a predictable, timely, orderly, and coordinated manner. Both sides welcome the recent agreement reached by the Zambia Official Creditors Committee, jointly chaired by China and France, on Zambia's debt issue. Both sides welcome the good cooperation between the official creditor committee and hope that the relevant negotiations in Ethiopia, Ghana, and Sri Lanka can proceed smoothly.

China and France reiterated their willingness to promote high-quality and sustainable infrastructure investment. Both parties have noticed that voluntary and non mandatory high-quality infrastructure indicators are being piloted and look forward to further discussions on their application based on the national conditions of each country.

The French side welcomes the initiative to accelerate the achievement of sustainable development goals. China and France will work together to promote the implementation of the 2030 Agenda.

3. Regarding climate, climate financing, biodiversity, and environmental protection.

Both sides are committed to promoting global cooperation in addressing climate change and biodiversity conservation. Both sides adhere to multilateralism and advocate for maintaining high-level ambition and taking active and practical actions within the framework of the United Nations Framework Convention on Climate Change, the Paris Agreement, and the Kunming Montreal Global Biodiversity Framework. Both sides emphasize the importance of adhering to the principles of fairness, common but differentiated responsibilities, and respective capabilities under the United Nations Framework Convention on Climate Change and the Paris Agreement. Both sides will work together with all parties to support the United Arab Emirates in promoting the success of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, and will maintain close communication and coordination to promote the first global inventory of the Paris Agreement to focus on implementation and action, assess global progress and gaps, and make positive progress on issues such as funding, adaptation, mitigation, losses and damages, and implementation methods.

We recall and urge developed countries to fulfill their commitments to achieve the goal of mobilizing $100 billion annually by 2020 and continuing until 2025, while taking meaningful mitigation actions and ensuring transparency in implementation. Both sides recognize the importance of setting new collective quantitative funding targets, taking into account the needs and priority areas of developing countries, and based on the annual mobilization of $100 billion in climate funds by developed countries before 2020. In view of this, we recognize the need to make substantial progress in achieving new climate funding collective quantification goals based on the principles of the United Nations Framework on Climate Change and the Paris Agreement. Both parties look forward to making progress in the loss and damage response and new funding arrangements for related funds in accordance with the 2/CP.27 and 2/CMA. 4 resolution plans.

Both sides will continue to strengthen cooperation in the Green Climate Fund, encourage GCF to provide support to developing countries, and achieve a balance between mitigation and adaptation in the context of sustainable development.

Both sides will continue to promote sustainable finance as a key means of promoting the transition to a more sustainable economy, in accordance with G20 commitments and in accordance with the 2030 Agenda for Sustainable Development, the United Nations Framework Convention on Climate Change, and the Paris Agreement.

Both sides appreciate the results of the intergovernmental negotiation committee meeting on plastic pollution held in Paris, France from May 29 to June 2, 2023. Both parties agree to support the work of the upcoming INC meeting to reach a legally binding document on plastic pollution.

Both sides urge increased resource mobilization from all sources, including countries and entities, to provide new and additional funding for assisting and supporting developing country Parties in implementing the Kunming Montreal Global Biodiversity Framework, and to align private and public financial flows with biodiversity goals. We also commit to supporting the implementation of the resolution of the 15th Conference of the Parties to the Convention on Biological Diversity on resource mobilization, including the establishment of the Kunming Montreal Global Biodiversity Framework Fund under the Global Environment Facility. We call on the Global Environment Facility to further reform its business operations, including by establishing simple and effective funding acquisition models to ensure sufficient, predictable, and timely flow of funds. We will work together to promote the successful launch of the Global Biodiversity Framework Fund at the Global Environment Facility Conference held in Vancouver in August 2023, and note the importance of donations from all sources for the new fund. Both sides will contribute to the global goal of reducing at least $500 billion annually by 2030 to eliminate, phase out, or reform incentives that harm biodiversity.

4. Both sides emphasize the importance of supporting a multilateral trading system based on rules and centered around the World Trade Organization. Both sides support the necessary reform of the World Trade Organization, including restoring the comprehensive operation of the dispute settlement mechanism, improving the operational efficiency of WTO institutions, revitalizing the negotiation function of WTO, maintaining the authority and effectiveness of WTO, and strengthening the resilience and stability of global industrial and supply chains. Both sides support more countries to join the World Trade Organization. Both sides support the active role of the Joint Working Group on Reform of the China Europe World Trade Organization. Both sides are willing to work together to achieve practical results in the 13th Ministerial Conference of the World Trade Organization. Both sides support an open, non discriminatory, and transparent public procurement environment.

5. The Chinese side reiterates its willingness to join the World Trade Organization's Government Procurement Agreement as soon as possible and will continue to work towards joining the agreement. The French side encourages China to join the GPA as soon as possible.

6. Both sides welcome strengthened communication and exchange between the Chinese Academy of Financial Sciences and French financial think tanks on multilateral and global issues such as sustainable development, green transformation, and climate change.

7. Both sides are committed to promoting bilateral trade facilitation.

8. China and France promise to provide fair and non discriminatory competitive conditions for enterprises, especially in the fields of cosmetics, agriculture and agricultural products, health and hygiene, air traffic management, finance, energy, investment, and sustainable development.

9. Both parties agree to further strengthen intellectual property cooperation between the two countries in the fields of patents, trademarks, geographical indications, trade secrets, etc. within the framework of relevant cooperation agreements and mechanisms, including offline and online intellectual property law enforcement cooperation. Both parties undertake to ensure the protection and enforcement of intellectual property rights, regardless of the nationality of the rights holder, and to ensure the non discriminatory use of administrative or judicial enforcement mechanisms.

In the field of digital economy, including 5G, the French side promises to continue to handle authorization and licensing applications from Chinese enterprises in a fair and non discriminatory manner based on the laws and regulations of both countries, including national security.

11. The National Standardization Administration will continue to promote standardization cooperation with the French National Standardization Agency in areas such as biodiversity, circular economy, e-commerce, childcare products, civil aviation, etc., and promote the exchange and sharing of standard information and the revision of relevant international standards.

12. Both parties agree to initiate the signing of the 2023-2027 Technical Cooperation Agreement between the General Administration of Customs of the People's Republic of China and the General Administration of Customs and Indirect Taxation of the French Republic, in order to further deepen cooperation in capacity building between China and France.

13. The two sides will promote customs cooperation in accordance with the Joint Statement of the General Administration of Customs of the People's Republic of China and the General Administration of Customs and Indirect Taxation of the French Republic on Strengthening Supply Chain Connectivity and Cooperation under the COVID-19. Both parties agree to carry out a pilot project for the facilitation of customs clearance for Sino French art exhibitions.

14. Both sides support the coordination between the civil aviation departments of the two countries to gradually restore air connectivity. Both airlines will enjoy fair and equal opportunities in flight operations between the two countries.

15. Both parties reaffirm their commitment to deepen cooperation in the fields of agriculture, food, food safety, veterinary medicine, and plant quarantine within the framework of the joint statement signed on January 9, 2018.

Both parties will fulfill the cooperation agreement on strengthening agricultural higher education signed on January 20, 2022 and the cooperation agreement on agricultural vocational education and training signed on April 6, 2023. Both sides will further promote cooperation between Sino French farmer cooperatives.

Both sides will promote agricultural technology cooperation through ecological agriculture, veterinary and plant quarantine issues, as well as projects of common concern such as soil carbon sequestration and soil health. Both sides can explore agricultural cooperation in fields such as crops, livestock and poultry, fruits and vegetables, agricultural machinery and equipment, and agricultural remote sensing. In particular, both sides will strengthen ecological agriculture cooperation within the framework of the Sino French Mixed Committee on Agriculture and Agricultural Food Cooperation. To this end, both sides will continue to support their research institutions in deepening agricultural cooperation, promote the construction of Sino French wheat breeding joint laboratories, and accelerate exchanges and cooperation between agricultural researchers from the two countries. The French side supports China in hosting the first Global Soil Health Forum.

To further develop the grape cultivation and wine industry between China and France, the two sides will sign a Cooperation Agreement on Grape Cultivation and Wine Making Industry to strengthen exchanges and cooperation. China will submit its application for membership to the International Grape and Wine Organization as soon as possible. The French side welcomes China's successful hosting of the International Grape and Wine Industry Conference.

Both sides agree to strengthen cooperation between the geographical indication authorities of the two countries within bilateral and European frameworks, and promote mutual protection of geographical indications between France and China. Both parties welcome the smooth end of the objection period for Ma Kong and Zhe Weirui Xiangbeidan in China, and will accelerate guidance on these applications, striving to obtain recognition as soon as possible. Both parties support taking effective measures to facilitate the identification of geographical indications for other Burgundy wines, provided that they comply with Chinese laws and regulations.

France and China will continue to carry out technological exchanges on avian influenza in order to reach an agreement on regional management cooperation for avian influenza. Both parties will ensure that technical exchanges achieve practical results as soon as possible.

China and France welcome China's opening up of the French market for processing pig derived protein feed.

China and France welcome the joint implementation of the consensus reached by the two heads of state on agricultural and food product trade and animal and plant disease prevention and control by the competent authorities.

According to the initiative of "From French Farms to Chinese Dining Tables", China and France will continue to strive for market openness, export facilitation, and customs process optimization of agricultural products, and will explore strengthening e-commerce cooperation between agricultural enterprises in both countries. In the short term, both sides will open up the corn and dehydrated alfalfa markets and expand market access for pork products.

16. China and France review their cooperation in the field of nuclear energy. Given that both countries are willing to achieve economic carbon reduction, both sides are willing to engage in practical cooperation in the field of civilian nuclear energy within the framework of the Agreement on the Peaceful Use of Nuclear Energy between the governments of China and France.

Both sides will continue to promote cooperation in nuclear technology research and innovation within the framework of the Agreement on the Peaceful Use of Nuclear Energy between the National Atomic Energy Agency of China and the French Atomic Energy and Alternative Energy Commission.

Both sides attach great importance to nuclear safety and will continue to strengthen exchanges and cooperation under the principle of transparency and mutual trust to ensure the safe and stable operation of the Taishan Nuclear Power Plant.

Both sides highly recognize the quality of cooperation between EDF and CGN Group in the construction of the Hinckley Point C nuclear power project in the UK, and will further strengthen support for the completion of the project.

Both sides support the cooperation between French Electricity Group and China National Nuclear Corporation, and will conduct forward-looking research on the direction of technological development and market trends in the nuclear energy field, jointly supporting future energy transformation and low-carbon development. Both sides welcome the renewal of the Global Strategic Cooperation and Development Protocol between China National Nuclear Corporation (CNNC) and French company Framatome, which will further expand long-term mutually beneficial cooperation on a global scale.

Both sides attach great importance to the strategic partnership in the aerospace field and agree to strengthen this partnership.

Both sides welcome the strengthening of cooperation between the Civil Aviation Administration of China and the European Aviation Administration, as well as the recent issuance of airworthiness certification for Y12F aircraft and H175 helicopters. Both parties will accelerate the airworthiness certification process based on recognized international safety standards, and look forward to the early completion of airworthiness certification for the Dassault Falcon 8X business jet, Safran Aneto engine, and Arrola 1A engine.

Both parties agree to strengthen cooperation in air traffic management systems and agree to ensure that bidding related to traffic management systems is transparent and open to foreign companies under fair economic conditions and in compliance with relevant laws and regulations.

Both sides attach great importance to cooperation in the field of helicopters and call for the timely production of the French and Chinese AC352 helicopter.

Both sides expressed satisfaction with the cooperation results of the Sino French Ocean Satellite and Tianwen-1 Mars Exploration Mission, and welcomed the decision of the two countries' space agencies to share data from the Sino French Ocean Satellite with the World Meteorological Organization. Both sides welcome the signing of a memorandum of understanding on cooperation between relevant institutions of the two countries in carrying the Chang'e-6 payload and a joint statement on joint analysis of extraterrestrial samples. Both parties agree to launch Sino French astronomical satellites according to the adjusted plan, and continue to promote cooperation in space science exploration, climate change monitoring, and other fields. Both sides agree to actively promote new cooperation projects in areas such as lunar and deep space exploration, and the application of space technology to climate change. China welcomes France's participation in lunar exploration projects such as Chang'e-7 and Chang'e-8, as well as planetary exploration missions such as Tianwen-2.

18. The two countries emphasize historical cooperation in related industries.

Both parties agree to establish a technical working group to exchange views on regulatory differences in the cosmetics industry. The goal will be to find feasible solutions to protect market access and product safety. The work topics include: information exchange on cosmetics regulatory laws and regulations, regulatory experience, and best practices; Regulatory information exchange, including the exchange of adverse events and safety information related to cosmetics; Cooperate in intellectual property rights such as product information and cracking down on counterfeit and inferior cosmetics; Collaborate in the fields of standards and inspection; Collaborate in the field of cosmetic testing. The first meeting will be held in France before the end of this year.

Both sides are willing to continue exchanging industrial policies and agree to hold the 10th meeting of the Joint Committee of the Sino French Industrial Cooperation Mechanism in 2024. Both sides appreciate the support provided by the Sino French Industrial Cooperation Platform for the landing and promotion of three batches of Sino French industrial cooperation demonstration projects. Both sides welcome the International Economic and Technological Cooperation Center of the Ministry of Industry and Information Technology of China and the Future Industry Alliance of France to continue promoting demonstration projects for enterprises.

China and France recognize the need to protect data, especially personal data. Both parties also agree that the requirements for data protection should match the sensitivity of the data involved, and data regulation should be predictable, with controllable costs. Both parties are willing to exchange and discuss cross-border data flow requirements in the fields of finance, transportation, healthcare, environment, and retail, as well as solutions that allow the use of the parent company's cloud or mutual assistance cloud between foreign banks.

Both sides expressed satisfaction with the results of their third cooperation since 2015. Both sides will continue to promote third-party market cooperation projects in the fourth round of demonstration project list.

19. China and France reviewed the long-term and effective cooperation they have had in the financial field and hope to further strengthen this cooperation.

Both sides encourage securities and futures regulatory authorities to engage in bilateral and multilateral cooperation in areas of common concern such as law enforcement. Both sides agree to further strengthen cooperation in banking and insurance regulation, and encourage central banks of both sides to hold discussions on cross-border payments and digital currencies, as well as the Paris European Financial Market Association and the China Interbank Market Dealers Association.

Both sides also attach great importance to cooperation and exchanges between financial institutions of the two countries, including banks, insurance companies, securities companies, fund management companies, and asset management companies. Both parties particularly encourage eligible financial institutions to invest and develop in the other party's stock, bond, commodity, gold or derivatives markets, and participate in the Chinese interbank bond market through investment, bond issuance, and other means. The Chinese side welcomes French institutions to promote the use of the renminbi in their activities. The French side is willing to support the use of UnionPay cards in large chain merchants, catering, transportation, universities, and museums. The French side supports eligible Chinese financial institutions to invest and develop in the French market. The Chinese side supports eligible French financial institutions to invest and develop in China.

Following the 8th China France High Level Economic and Financial Dialogue held on December 13, 2021, China welcomes the French side's exemption from the capital adequacy requirement for Bank of China's Euro business in France. Both parties welcome the successful cooperation between BNP Paribas and Nanjing Bank through the acquisition of China Consumer Finance Corporation, as well as the qualification of Orient Bank Limited as an underwriter for non-financial corporate debt financing instruments in the Chinese interbank market.

Both China and France welcome the participation of banking institutions in the greening of economic development. Both parties encourage their domestic banks to adhere to internationally recognized green finance standards in their related projects and use the Common Classification Catalogue of Sustainable Finance. The Chinese side agrees to actively consider adding China Merchants Bank Limited as a carbon reduction support tool.

Both parties welcome the establishment of a joint venture financial leasing company between Faba Leasing Group Co., Ltd. and Jiangsu Financial Leasing Co., Ltd. in accordance with Chinese laws and regulations.

The Chinese side welcomes AVIC Anmeng Property and Casualty Insurance Company to expand its general insurance business and agricultural insurance business in multiple provinces of China.

Given the increasing importance of capital markets and wealth management, both parties welcome a French bank that meets the conditions to establish a wholly-owned securities company in China. Meanwhile, China and France support BNP Paribas in applying for a Securities Investment Fund Custody License in China. Both sides also actively support the expansion of business in China by Oriental Huili Asset Management Company and provide asset management information technology system services for the Chinese investment industry. Both parties welcome the opening of the joint venture between Paris Asset Management Holdings and Agricultural Bank of China Wealth Management Co., Ltd. The Chinese side supports Huihua Wealth Management Co., Ltd., a joint venture established by France's Oriental Huili Asset Management Company and Bank of China Wealth Management Co., Ltd., to provide wealth management and elderly care products in China through standard regulatory systems or pilot projects, and participate in the development of the Chinese elderly care and wealth management market.

Both sides are willing to strengthen cooperation in anti money laundering/counter-terrorism financing, and call on the financial intelligence departments of the two countries - the China Anti Money Laundering Monitoring and Analysis Center and the France Anti Illegal Financial Activities Action and Intelligence Processing Center - to quickly implement the Memorandum of Understanding signed in 2009 and actively cooperate and exchange information in anti money laundering, counter-terrorism financing or related criminal activities.

Both sides are willing to maintain communication and cooperation between the audit regulatory authorities of the two countries, reach an agreement on a memorandum of cooperation on audit supervision, and promote cooperation in the financial and financial fields of the two countries.

Both sides support the China France Cooperation Fund to increase investment efforts and further promote cross-border investment cooperation between the two countries.

Both sides agree to strengthen the exchange and cooperation between the State owned Assets Supervision and Administration Commission of the State Council of China and the French National Equities Administration, and share the experiences and practices of state-owned enterprises in reform and development, corporate governance, and other aspects of the two countries.

Both sides appreciate the positive results achieved at the fifth meeting of the China France Entrepreneurship Committee and are willing to better utilize this mechanism to strengthen business cooperation between the two countries.

21. France is prepared to accept the invitation to participate in the 2024 China International Fair for Trade in Services and the 2024 China International Import Expo, both of which will serve as guest countries. Both parties agree to closely cooperate in the planning and organization of relevant activities. The Chinese side invites and welcomes French companies to participate in exhibitions in China.

22. The Chinese Ministry of Science and Technology and the French Ministry of Higher Education and Research will convene a new Sino French Joint Committee on Science and Technology Cooperation as soon as possible to discuss areas of common interest, jointly promote the construction of the "Sino French Carbon Neutrality Center", and promote scientific and technological exchanges and cooperation in the field of carbon neutrality.