They also discussed financial reforms, regulatory policies in the two economies and issues concerning accounting standards.

Jin Renqing, Chinese minister of finance, and Charlie McCreevy, commissioner in charge of the Internal Market and Services of the European Union, were among those officials attending the one-day meeting, known as the second round of Sino-EU Financial Dialogue.

Zhu Guangyao, director general of the International Department of the Ministry of Finance, said the dialogue is very important as EU and China are two economies of global impact. The EU is China's biggest trading partner while China is now the second biggest trading partner of EU, said the official.

The dialogue will help each other deepen mutual understanding in both the macroeconomic and financial sectors and expand cooperation to add new vitality to the Sino-EU strategic partnership, said the official.

China and EU launched their financial dialogue mechanism on February 22, 2005, creating a new channel of regular policy dialogues in macro-economic, and financial sectors as major supplements to similar dialogue mechanisms China set up with major EU member nations, the ministry said in a statement.