China's successful issuance of 4 billion euro-denominated sovereign bonds in France is an important move to support Paris in building it into an international financial center and deepen China-France and China-Europe financial cooperation, President Xi Jinping said on Wednesday.
Xi made the remarks in talks with visiting French President Emmanuel Macron at the Great Hall of the People in Beijing.
Macron told Xi the issuance "is of great significance to France," pledging enhanced cooperation with China in areas including finance.
This is the first time the Chinese government has issued euro-denominated sovereign bonds in 15 years.
The bonds were issued by the Chinese Ministry of Finance (MOF) in Paris on Tuesday. According to the MOF, the 4 billion euro-denominated sovereign bonds consist of 2 billion euros in 7-year bonds, 1 billion in 12-year bonds, and 1 billion in 20-year bonds.
The total purchase amount of the bonds exceeds 20 billion euros, about five times the size of the issuing amount, with 57 percent of the funds coming from Europe, and 43 percent from outside Europe. The bonds will then be listed on the Euronext and the London Stock Exchange.
It is the largest scale of foreign currency sovereign bonds China has issued at a single time so far, and the first Chinese sovereign bonds issued and listed in France.
The issuance demonstrated China's high-level and all-dimensional opening-up to the international market, and bears far-reaching significance for China's deeper integration into the international financial market, said a MOF press release Wednesday.
The issuance came as China and France celebrate their 55th anniversary of the establishment of diplomatic ties.
The China-France relationship has played a leading role in the relations between China and Europe in recent years, as the two heads of state have met frequently and reached many consensuses on issues including global governance, said Cui Hongjian, a senior research fellow at the China Institute of International Studies.
The issuance not only shows the importance China has attached to the European financial market but also helps further boost economic and financial cooperation between China and France as well as build a more solid, stable and vibrant China-France comprehensive strategic partnership, Cui said.