Caixin Weekly | French Finance Minister on the Future of Sino-French Relations: We Must Go Further (AI Translation)

财新周刊｜法国经济财政部长谈中法未来：我们必须走得更远

The article from *Caixin Weekly* by Lu Chen discusses the G20 framework, the importance of multilateralism, global governance issues, and Sino-French relations amidst geopolitical tensions. [para. 1] Éric Lombard, the French Minister of Economy, Finance, Industrial, and Digital Sovereignty, stressed that the G20's core mission remains dialogue and cooperation, even amid current geopolitical strains, exemplified by challenges faced at the G20 Finance Ministers and Central Bank Governors Meeting held in Cape Town. [para. 2] Initially established post-2008 financial crisis for global financial dialogue, the G20 is vital but challenged by deteriorating Western-Russian relations, impacting multilateral dialogues. [para. 3] With Jean Barrot, France's Foreign Minister, France and China voiced commitments towards multilateralism, playing leadership roles in international governance.

[para. 4] The article highlighted the G20 meeting's inability to reach consensus, with South Africa issuing a "Chair's Summary" to emphasize commitments to a fair, transparent multilateral trading system, alongside opposition to trade protectionism. [para. 7] However, climate change goals suffered setbacks, exacerbated by the U.S. withdrawal from the Paris Agreement under Trump's new administration and insufficient commitment from other nations. [para. 8] Even as global efforts falter, France continues its climate commitment, increasing funding for developing nations, marking the 10th Paris Agreement anniversary.

[para. 10] Sino-French cooperation remains strong, focusing on green reindustrialization, a priority within France's climate strategy, which actively embraces nuclear power and emerging energies like solar and wind. [para. 11] There’s intent to deepen Sino-French cooperation in achieving economic decarbonization, viewed as part of good bilateral relations celebrating 60 years. [para. 14] Beyond climate, the AI Action Summit in Paris called for ethical AI development. China and France agreed on a declaration promoting sustainable AI, focusing on economic opportunities over mere regulation. [para. 15] France emphasized its proactive stance in AI development, showcasing a robust ecosystem and drawing significant investment, while also focusing on easing investment rules for improving EU business environments.

[para. 18] As Europe’s advocate for strategic autonomy, France aims to regain economic sovereignty through the "France 2030" plan and reduced regulation. [para. 19] Its trade relationship with China is marked by mutual economic interests, with China's prominence as France's second-largest trading partner for goods, highlighting potential despite surplus challenges. [para. 21] France will continue discussions with China to improve trade balances and market access, considering France's rising trade deficit with China. [para. 24] It invites Chinese investments, focusing on green reindustrialization and trade balancing.

[para. 26] The article underscores another key area—sovereign debt resolution cooperation. France and China have together co-chaired official bilateral creditors’ committees for countries like Ghana and Zambia. Lombard highlighted significant progress under G20 and Paris Club frameworks, reflecting the evolving landscape where emerging markets are now prominent creditors. [para. 29] The cooperation exemplifies calls for reforms in global financial governance to fairly represent developing nations. [para. 34] With upcoming IMF quota reviews, adjustments are urged to appropriately reflect global economic standings, with France advocating for reform to ensure a fairer distribution of responsibilities and benefits.