China, France vow new-type economic partnership

BEIJING - China and France on Tuesday pledged to develop a new type of comprehensive, mutually beneficial and sustainable economic and financial partnership.

The agreement came after the first China-France high-level economic and financial Dialogue, which was co-chaired by Chinese Vice Premier Ma Kai and French Finance Minister Pierre Moscovici in Beijing.

Calling the dialogue mechanism "an important new platform for bilateral economic and financial cooperation," Ma said the two nations should fully implement the consensus reached previously by their two presidents.

He called on the two sides to strengthen macro-economic policy coordination and enhance cooperation under the framework of the G20.

Both should continue to deepen cooperation in traditional areas such as nuclear energy and aviation, and promote cooperation in new areas like modern agriculture, urbanization, new energy and the oceans, according to Ma.

The vice premier also urged China and France to attach high importance to International Monetary Fund governance and quota reform to enhance its credibility, legitimacy and effectiveness.

For his part, Moscovici said the dialogue mechanism showed the leaders' willingness to develop bilateral ties.

Calling China one of the most important partners of France, he said the European country welcomes Chinese companies' investment in France, adding that both sides should refrain from reacting to trade imbalances with protectionism.

The one-day dialogue covered issues of the macro economy and policy, global governance, fiscal and financial cooperation, as well as bilateral trade and investment.

China and France signed an agreement to avoid double taxation and prevent tax evasion and issued a joint statement after the dialogue.

The statement said that consistent with their commitments, both countries will take action to raise standards and consistently implement the global standards agreed to date. Both sides committed to fully implementing the agreed reforms in a consistent and non-discriminatory way and enhancing cooperation and information sharing.

According to the statement, there has been an historical strategic partnership between the two countries in the civil nuclear energy field and this was reinforced by the collaboration of Chinese and French companies.

"Our cooperation in civil nuclear energy is driven by the aim of mutual interest between both countries," it said.