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China

Published on November 29, 2013
Reply given by M. Pierre Moscovici, Minister of the Economy and Finance, to a question in the National Assembly (excerpts)

Paris, November 27, 2013

I’ve just spent 48 hours in China, where the high-level dialogue established by the two presidents during President Hollande’s visit to Beijing got under way for the first time. To date, such a mechanism has existed only with the United States and the United Kingdom. So it’s a heightening of the level of our cooperation and dialogue.

I went there with the leaders of the major French institutions and the main representatives of my administration, and I met two vice-premiers there. The theme of the meeting was in fact rebalancing our relations, in terms of both trade and investment. In fact, French investment in China amounts to €15 billion, as compared with just €3.5 billion for Chinese investment in France. I think we made good progress on the issues discussed. (…)

Regarding the internationalization of the yuan, I explained to our Chinese friends the extent to which the Paris financial centre – because it’s technologically advanced, because it’s in the Euro Area and because it’s connected to Africa – could be the leader in the area, and they agree.

Next, we also made progress on issues of global governance, and particularly on China’s desire to organize a G20 summit. Finally, on the rebalancing of investment, we explored all the possibilities, with the idea that Chinese investment in France is and will be welcome, insofar as it’s in our interests in terms of job creation and we maintain our strategic interests and sovereignty.

So we prepared well for President Xi Jinping’s visit, which will take place on the 50th anniversary of the establishment of diplomatic relations between China and France: it will be a great moment./.

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