28 November 2007

10th China-EU Summit - Joint Statement

The Tenth China-EU Summit was held in Beijing on 28 November 2007. Premier Wen Jiabao of the State Council of China attended the meeting on behalf of the People’s Republic of China. The EU was represented by the President of the European Council, Prime Minister Jose Socrates of the Portuguese Republic and the President of the European Commission, Mr. Jose Manuel Barroso.

Among others, both sides agreed to enhance their cooperation in macroeconomic policy, and promote exchange of best practice in economic and social management and public service among their government departments. The two sides will continue to deepen financial dialogue, and conduct exchange and cooperation in China-EU macroeconomic situation, fiscal and financial policies, reforms and regulation of financial sectors.

The Parties welcomed the discussions held in Beijing on 27-28 November between the Chinese representatives and their counterparts from Eurogroup on macro-economic issues. During these discussions, the two sides believed that it was necessary to make concerted efforts to adopt comprehensive measures, intensify structural adjustment, and avoid drastic movement of exchange rates, so as to make due contribution to the orderly adjustment of global imbalances. They took note that a working group involving the People’s Bank of China (PBOC) and European Central Bank (ECB) will deal with the exchange rates related issues.

Leaders share the view that a high level of product safety is key to consumer confidence and reciprocal trade. To this end, the competent authorities of both sides have established a comprehensive cooperative relationship in recent years and carried out good, close and fruitful co-operation and exchanges. Both sides are willing to continue and deepen their constructive dialogue, regularly exchange information and aim at measurable, continuous improvements.

Joint Statement

© Graham Bishop