On July 1, Secretary-General Shi Wenzhao met Mario Nava, Head of Banking and Financial Conglomerates of the European Commission, and Francisco Caballero, Head of Economics Analysis of Financial Markets of the European Commission. Both sides exchanged views on the development of financial markets in China and the EU, and the recent reform of European financial institutions.

Secretary-General Shi introduced the recent development of China bond market, the operational structure of the NAFMII and its efforts in promoting bond market development in China. He said that the European financial market has a history of more than a hundred years long and thus have many valuable successful experiences. Nevertheless, the inadequate supervision and other problems have led to the contagion of the crisis. China financial market, on the other hand, has the advantages to draw on the experience from both European and American markets to explore an effective development path that can meet the needs and is in accordance with the characteristics of China’s market. The two sides can strengthen communications and exchanges in areas such as financial market information and so on. In addition, both sides should step up in arranging exchange visits and enhancing mutual learning and exchanges.

Mr. Nava and Mr. Caballero spoke highly of the importance of the NAFMII in developing a healthy China financial market. They also gave an introduction on the European sovereign debt crisis, the reform of European financial supervisory system and some other issues. They would like to keep in close contact with the NAFMII, and to strengthen bilateral exchanges and cooperation between the both sides.