China, Russia hold 9th Financial Dialogue

The ninth China-Russia Financial Dialogue was held on Monday in Beijing, according to China's Ministry of Finance. The two sides exchanged points of view on questions of common interest, achieved results in multiple sectors, and issued a joint statement.

According to the joint statement, China and Russia welcomed the signing of an MoU on the equivalence of audit standards and audit supervision, in order to facilitate the cross-border capital flow and bond issuance between both countries.

Both sides vowed to enhance policy, talents exchange and experience sharing to promote bilateral financial cooperation climate.

China and Russia will continue to deepen and expand pragmatic cooperation adhering to the principle of mutual benefit guided by the consensus of the two heads of state, and vowed to enhance bilateral economic cooperation.

Both sides noted that the global economic outlook remains uncertain amid various factors such as high inflation, COVID-19 pandemic impact, geopolitical tensions and politically motivated restrictions.

China and Russia pledged to secure the normal operation of global supply chain and industrial chain under multilateral fora including the G20, BRICS, SCO and APEC, as well as international organizations including Financial Action Task Force, IMF, World Bank Group, Asian Infrastructure Investment Bank and New Development Bank (NDB) to tackle risks caused by geopolitical and geoeconomic fragmentation.

Both sides noted that high debt levels in some countries have squeezed the fiscal space needed to address ongoing development challenges aggravated by spillover effects from external shocks, particularly from sharp monetary tightening in developed economies.

They also vowed to address the international debt agenda properly to support economic recovery and sustainable development, while taking into account each nation's laws and internal procedures.

China and Russia are the founding members and the largest shareholders of the NDB. They both agreed to enhance cooperation to support the growth of NDB and promote infrastructure and sustainable development of all member countries.

The dialogue was co-chaired by China's finance minister Lan Fo'an and Anton Siluanov, Finance Minister of the Russian Federation. Officials from both countries hailed the 3rd Belt and Road Forum for International Cooperation held in October 2023 in Beijing, and look forward to the 10th China-Russia Financial Dialogue in Russia.