China-EU_Relations_Reassessing_the_China-EU_Comprehensive_Strategic_Partnership

7.1 China-EU Relations in Global Financial Governance

Before the Global Financial Crisis

China-EU relations in global financial governance were expressed more at a
bilateral level before the occurrence of the globalfinancial crisis. At the global and
multilateral levels, China’s status and roles were relatively marginalized.
Characterized by learning and following thefinancial governance order of the USA
and the EU.

7.1.1 China-EU Exchange Mechanisms in Global Financial

Governance Before the Crisis

China-EU relations in globalfinancial governance needed to be realized through
certain mechanisms. China and the EU established some exchange mechanisms in
globalfinancial governance before the crisis (see Table7.1), mainly characterized
by the following aspects.

7.1.1.1 China-EU Exchange Mechanisms in Global Financial
Governance Were Less Diverse and Very Few Were Available

China-EU exchange mechanisms in globalfinancial governance were in small
quantities, whether they were at a bilateral level or at a multilateral level. At a
bilateral level, an issue concerning afinancialfield might have been one of the
issues, but it was not an essential issue at the China-EU leaders’annual meeting.
Afterwards, the China-EUfinancial dialogue mechanism was officially launched in
February, 2005, which opened up a new channel for regular China-EU dialogues
and exchanges in macroeconomic policy and in thefinancialfield; moreover, it
served as an important platform for enhancing mutual understanding between the

Table 7.1 Important China-EU exchange mechanisms in globalfinancial governance before
the crisis

Bilateral Multilateral (intersection) Multilateral

(non-intersection)

China Mechanism of the

China-EU leaders’

annual meeting;

Mechanism of the

China-EUfinancial

dialogue

International monetary fund

exchange framework, e.g. IMF and

World Bank annual meeting

Europe G7, G8 summit;

Basel Committee

on banking

supervision

140 X. Hou