China, France hold high-level economic, financial dialogue

BEIJING - China and France held their third High-Level Economic and Financial Dialogue (HED) Friday in Beijing, agreeing to strengthen cooperation in the fields of nuclear energy, finance, aviation and space, as well as partnership in third-party markets.

The two sides also agreed to strengthen communication and coordination of macro-economic policies, step up cooperation in financial regulation, promote reform of the international monetary system, and improve global economic governance and efficiency.

The dialogue, chaired by Chinese Vice Premier Ma Kai and French Finance Minister Michel Sapin, is themed as "deepening a close and durable Sino-French economic and financial strategic partnership".

Hailing strong growth momentum of bilateral ties, Ma said in the opening remarks that this dialogue serves as a "transitional role". That is both implementing the consensus already reached by leaders of the two countries and preparing for the French president's November visit to China in terms of economic and financial fields.

This dialogue improved understanding and confidence in each other's economic situation and prospect, Ma said, pledging to expand the two countries' cooperation in bilateral, regional and global levels.

"Both China and France hope to see a more stable and justified international financial system," Sapin said, expressing his expectations for a greater role of the euro and the renminbi and improvement of the IMF's quota and governance structure.

France supports the inclusion of the RMB into the SDR currency basket in the IMF's upcoming SDR review, according to a press release following a consensus during the dialogue.

During Chinese Premier Li Keqiang's visit to France in June this year, the two countries agreed to jointly cooperate in third-party markets in areas including infrastructure, nuclear energy, aviation, agriculture, health and climate change.

"Cooperation in third-party markets, mainly in Africa, is a priority," Sapin said when meeting with the press after the dialogue.

He said governments and institutions from both countries are currently considering how to translate those ideas into action, including setting up mechanisms to institutionalize the cooperation.

According to the press release, the two sides are dedicated to consensus on the main issues of setting up a mutual investment fund by November this year for partnership in third-party markets.

A total of 40 consensuses were reached during the dialogue.