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China

Published on November 29, 2013
Communiqué issued by the Ministry of Economy and Finance

Paris, November 28, 2013

Pierre Moscovici visited Beijing on 25 and 26 November 2013. Together with Chinese Vice-Premier Ma Kai, the Minister launched and co-chaired the first meeting of high-level Franco-Chinese dialogue.

The establishment of high-level Franco-Chinese dialogue had been officially endorsed by the Chinese President and the French President during the latter’s state visit to Beijing in April. The aim: to step up cooperation between China and France in the economic and financial sectors.

The first meeting, co-chaired by Pierre Moscovici, was held in Beijing on 26 November 2013. Two delegations bringing together senior officials from each country took part in the meeting.

The launch of Franco-Chinese economic dialogue is a significant step forward for the bilateral relationship between France and China, a few months before the celebration of the 50th anniversary of the establishment of diplomatic relations between the two countries. It results from a shared desire to establish a key framework for discussion and will make it possible, among other things:

- to identify and uphold joint positions on global economic and financial governance;

- to discuss the economic prospects for the two countries;

- to step up financial cooperation between France and China – particularly in the area of the internationalization of the yuan – and tax cooperation;

- to encourage the development of French and Chinese companies, and particularly industrial partnerships.

The dialogue has already led to concrete results benefiting growth and employment in France. In this framework, France and China signed an agreement to eliminate double taxation. It is completely new and will be a fresh foundation on which to develop economic exchanges.

By improving tax conditions and making them more stable for companies trading between the two countries, this agreement will allow French and Chinese companies to invest more. It also contains the latest information exchange standards and anti-abuse clauses.

In the trade sphere, the discussions allowed us to put on the table the need to reach mutual agreements swiftly that benefit French companies, especially in the wine sector.

French investment in China today is four times higher than Chinese investment in France. Conversely, with a trade deficit of €27 billion, Franco-Chinese trade relations ought to be rebalanced. A single aim: job creation in France, with mutual respect for French and Chinese strategic interests./.

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