China, EU financial regulators embark on voyage through choppy waters in search of common ground
- In first meeting of China-EU Working Group on Financial Cooperation, regulators find their footing while laying out areas of concerns
- Analysts say these types of financial dialogues with both the US and EU promote stability and are in the world’s best interests, but progress could be slow to come
With an eye toward a horizon in which the world’s financial systems can be safeguarded and improved, Chinese and European regulators set off this week on what analysts deemed a maiden voyage – one that looks to be a long and arduous journey.
In its first set of meetings, the China-EU Working Group on Financial Cooperation laid the foundation for a new communication channel in which grievances can be hammered out. And it comes at a time when bilateral financial concerns appear to be rising among industry players and regulators.
“Financial authorities from both sides exchanged views about the respective macroeconomic and financial stability situations, as well as on the regulatory and supervisory architecture in place in China and the EU, respectively,” the European Commission said in a statement on Wednesday, following the meetings on Monday and Tuesday.
And the People’s Bank of China (PBOC) added in a separate statement that discussions covered cross-border data transfers, a financial monitoring framework, capital market improvements and sustainable financial operations.
China’s side involved authorities with departments concerning securities and foreign exchange, and the EU delegation was led by John Berrigan, a European Commission official in charge of financial stability, financial services and capital markets union.
