EU Tour –Working Level Meeting with DG FISMA on Financial Services
2016-01-27 | Beijing
The Chairs debriefed the EC officials of the recent development in the financial markets in China. Afterward they went through the key issues expressed in the position papers. It was mentioned the rapid international expansion of Chinese financial services; however, European financial services face restrictions in China. Both parties discussed how to handle reciprocity.
RG referred to the quick expansion of fintech in China and how Chinese players are having regular talks with the US. The EU in this area is absent. There are many opportunities in the fintech area, but there is a lack of communication between China and the EU.
The officials were interested in learning if there had been any development regarding the S&C IT for banking and insurance sectors. XSP debriefed them regarding the actions that the European Chamber has taken in this regards.
FE mentioned that specific target for DG FISMA when having a dialogue with China are underwriting bonds by foreign banks and access to the bond market for the funding of banks.
Discussion on AIIB, status of RMB and SDR status.
EU China Economic and Financial Dialogue - led by DG ECFIN but DG FISMA also participates. The last meeting took place in December 2015 in Beijing. However, there was not much progress done. Nevertheless, China is a good partner for the regulatory dialogue as it shares similar views in particular on prudential issues. The market access discussions make the deliverables of the dialogue less impressive than other dialogues.
On fintech, the officials consider this issue should be led by DG CONNECT. But currently there is no dialogue is such specific issue, although it was pointed out during the last dialogue.
The EC officials updated the delegates on the recent initiates related to the European Capitals Market Union.