Romania's Financial Supervisory Authority (ASF) and the National Financial Regulatory Administration (NFRA) of the People's Republic of China discussed on Friday avenues of cooperation in regulating and supervising the non-bank financial sector, as well as key developments and challenges in financial supervision, ASF president Alexandru Petrescu announced.

'Together with the Vice-President for the Insurance - Reinsurance Sector, Sorin Mititelu, we welcomed today at ASF headquarters the delegation of the National Financial Regulatory Administration (NFRA) of the People's Republic of China, led by Mr Xiao Yuanqi, NFRA Vice-Minister. The bilateral meeting provided an opportunity for a constructive dialogue between ASF and NFRA on the main developments and challenges in financial supervision, as well as strategic topics of interest for both authorities, including: global macroeconomic and financial trends and their impact on the region; regulatory and supervisory priorities in the Romanian and Chinese insurance sector; and identifying directions of cooperation in regulating and supervising the non-bank financial sector, with a view to developing bilateral economic relations,' Petrescu wrote on Facebook.



He noted that, given that Europe is one of the main destinations for Chinese investment in developed economies, and with annual Chinese direct investment on the continent amounting to billions of euros, dialogue between financial supervisory authorities is essential for market stability and for developing a modern, predictable and resilient regulatory framework.

'According to an analysis by the European Commission, there are nearly 2,000 financial and insurance companies in the EU with Chinese capital. The exchange of experience and best practices strengthens institutional capacity and promotes high supervisory standards. Cooperation between the two authorities can support confidence in financial markets and maintain a stable environment conducive to investment and economic exchanges,' Petrescu also said. AGERPRES (RO - writing by: George Banciulea; EN - writing by: Simona Klodnischi)

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