Brussels, 11/06/2007 (Agence Europe) - Charlie McCreevy is currently on a three-day visit to China (10-12 June). The European commissioner for the internal market will stress, amongst other things, the intensification of regulatory dialogue in the field of financial services and reinforced cooperation between the EU and China, with a view to ensuring consistent interpretation and implementation of international financial reporting standards (IFRS). Between now and 2009, the EU will assess the equivalency of Chinese accounting rules with the IFRS. In the field of public procurement, the Commission will present European expectations concerning the forthcoming Chinese offer within the framework of the current renegotiation of the public procurement agreement, under the aegis of the World Trade Organisation. He will also encourage the exchange of information on the respective strategies of the EU and China in terms of patents. Mr McCreevy will meet Mr Jin Renqing, the finance minister, and Mr Zhou Xiaochuan, governor of the People's Bank of China.
Commissioner McCreevy will also visit Japan, from 12-15 June. In the field of financial services, he will discuss the new legislation on financial instruments with the Japanese authorities, as well as exchange operations and possibilities for the European financial industry to provide Japan with integrated services. Hedge funds and the convergence of accounting standards also feature on the agenda of the meetings. Against a backdrop of the privatisation of the Japanese postal service, Mr McCreevy is likely to stress the importance of fair conditions of competition between the historic Japanese operator and private market operators. He will also meet Mr Yamamoto, the minister in charge of financial services, Mr Suga, the minister of communications with responsibility for postal services, and Mr Taizo Nishimuro, president of the Tokyo stock exchange. (mb)