Furthermore, there are 1422 funds authorized by the Hong Kong Securities Regulatory Commission to operate in Hong Kong are registered in Europe. At end-2004, net assets of those European funds reached over USD500 billion. Financial development between China and Europe will bring not only new challenges but also new opportunities for both sides to strengthen cooperation in financial services and regulation.
China and Europe have already set up bilateral financial services cooperation projects before, and the People’s Bank of China as well as the China banking, securities and insurance regulatory authorities, have conducted and benefited from broad business exchange and collaboration with their European counterparts. In future, both sides will continue to strengthen exchange, understanding and cooperation to promote further development of their bilateral relations.