Luxembourg's Minister Delegate for Foreign Affairs and Immigration Nicolas Schmit said Monday that China's measures to counter the impact of the current global economic downturn will benefit its economic model transformation and enable China to play a bigger role in the world's financial system.
Schimit made the remarks at a celebration for the 30th anniversary of the Bank of China Luxembourg Branch, according to reports reaching here from Luxembourg.
He said international financial regulations and supervisions are necessary as the current global financial crisis showed, and China is expected to be fully involved in the reform of the global financial regulation and supervision mechanism, because it has become one of the world's major economies.
Chinese Ambassador to Luxembourg Ma Zhixue said Luxembourg is a well-known international financial center where the Bank of China can learn more experience. In the fight against the global financial crisis, China and Luxembourg will cooperate and coordinate closely to help establish a healthy and orderly global financial system.
The Bank of China Luxembourg Branch, established in 1979, is the first overseas branch of China's banking industry after the founding of the People's Republic of China in 1949.