Full text of China's Policy Paper on the European Union

Part Three

Cooperation in Trade, Investment, Connectivity, and Fiscal and Financial Fields

Give full play to the guiding role of the China-EU High Level Economic Dialogue, deepen dialogues on macroeconomic, economic and trade policies, enhance mutual understanding and proper reading of and seek greater synergy between each other's policies and regulations, unlock cooperation potential, handle disagreements and frictions in a constructive manner, avoid politicizing economic and trade issues, and ensure the sustained, steady and win-win progress of China-EU economic and trade relations.

Make joint efforts with a positive and pragmatic attitude to reach a win-win bilateral investment treaty, and launch a joint feasibility study on China-EU Free Trade Area at an early date to build a sound institutional framework for upgrading the economic and trade cooperation.

Promote coordinated development of trade in goods and services. China will expand the import of high quality goods from the EU through existing channels and new platforms such as the China International Import Expo. The EU should ease its high-tech export control on China, strictly fulfill its WTO obligations, ensure that its trade remedy legislation and practices are in line with WTO rules, apply trade remedy measures reasonably, and prevent discrimination, de jure or de facto, against some WTO members.

Maintain two-way openness and facilitate mutual investment. China will significantly ease market access, fully implement the management system of pre-establishment national treatment and a negative list in a bid to foster a stable, fair, transparent, law-based and predictable business environment that protects the legitimate rights and interests of foreign investment and treats Chinese and foreign firms registered in China as equals. China hopes that the EU will keep its investment market open, reduce and eliminate investment hurdles and discriminatory barriers, and provide Chinese companies investing in Europe a fair, transparent and predictable policy environment and protect their legitimate rights and interests.

Enhance exchanges and cooperation in the field of competition, and jointly uphold the market order of fair competition. China follows with interest the EU laws and regulations on trade and investment, and hopes that EU makes its legislation consistent with WTO rules and takes concrete actions to safeguard an open and fair market environment to reduce and remove the doubts and concerns of Chinese companies. The Chinese government supports Chinese companies in Europe in setting up the China Chamber of Commerce to the EU.

Promote the development of the China-EU Connectivity Platform, seek greater synergy between the Belt and Road Initiative and the EU development plans including the EU Strategy on Connecting Europe and Asia, the Investment Plan for Europe, the Trans-European Transport Networks, actively leverage the role of the Asian Infrastructure Investment Bank, the European Investment Bank, the European Bank for Reconstruction and Development, and the China-EU Joint Investment Fund, better implement all cooperation projects, and encourage active participation of EU member states. Support the sound development of the China-Europe Railway Express, simplify the international railway transport procedures, lower transit costs, and provide better security protection for goods.

Make good use of transportation cooperation mechanisms at all levels, and enhance policy dialogue, aligning of and exchanges on technical standards. Support port and shipping companies in actively participating in each other's projects, promote all-round and mutually beneficial shipping and maritime cooperation. Follow through on the consensus on civil aviation and enhance exchanges and cooperation.

Advance customs cooperation to facilitate trade. The China-EU Joint Customs Cooperation Committee will provide better guidance and coordination for customs cooperation. Fully implement the Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters and other documents, promote cooperation on IPR border law enforcement, Smart and Secure Trade Lanes, mutual recognition of Authorized Economic Operator, trade statistics, combating fraud, monitoring of solid waste, cross-border sanitary and phytosanitary quarantine, security of imported and exported goods, and supervision of food safety, and actively explore new areas of cooperation such as regulation of cross-border e-commerce.

Further enhance communication and cooperation on intellectual property rights, support IP agencies on both sides in establishing and improving regular communication mechanisms for more dialogue on IPR creation, utilization, protection, management and services to jointly foster a more enabling IPR environment. Support early conclusion of the Agreement on Geographical Indications. China protects the lawful IPRs of foreign enterprises in China and hopes that the EU and its member states will strengthen the protection of Chinese IPRs.

Increase exchanges and cooperation in such areas as standards, metrology, certification, quality management and supervision, and safety check of special equipment, fully harness the role of the China-Europe Standards Information Platform in discussing the standardization issues of common interest to provide Chinese and European enterprises with timely, effective and authoritative information on standards.

Leverage mechanisms such as the China-EU Economic and Financial Dialogue and the Working Group between the People's Bank of China and the European Central Bank to maintain close communication on major international economic and financial issues. Support greater two-way openness of the financial sector and advance cooperation on cross-border financial infrastructure connectivity. Promote cooperation between financial institutions, including cooperation with multilateral financial institutions, and between businesses, maintain steady development of the financial sector, deepen communication and dialogue between the financial regulatory bodies, enhance mutual regulatory recognition and trust, and actively address appeals from banks on both sides for cross-border operations.

Financial institutions from EU member states are welcome to enter the Chinese market. China hopes that the EU will support Chinese financial institutions in setting up institutions in Europe and expand access channels for Chinese policy financial institutions to do business in the EU. Support CEINEX in becoming a platform for offshore trade in RMB-denominated financial products, risk management and asset allocation. China encourages EU member states to issue RMB bonds in China and offshore RMB bonds in major global financial centers. China hopes that the EU will exercise caution when introducing the Intermediate Parent Undertaking requirement to safeguard the sound development of the financial cooperation between the two sides.

Carry out cooperation under the G20 framework to jointly support the G20's status and role as the premier forum for international economic cooperation. Uphold the spirit of partnership, support multilateralism, strengthen macroeconomic policy coordination, advance structural reforms, promote reform in the international financial system, push forward trade and investment liberalization and facilitation, and build an open world economy.

Strengthen communication on the WTO reform through the joint working group on WTO reform to safeguard the WTO's core values and fundamental principles, uphold its authority and effectiveness, safeguard the development space of its developing members, and promote a more open, inclusive, transparent multilateral trading regime.