The Chinese Ministry of Finance announced in Beijing Tuesday that it has just signed a joint statement with the European Union (EU) on promoting the international accounting standard (IAS) in China.

The statement said China and the European Union will increasing their cooperation in the future in making and carrying out the IAS.

The two parties also decided to held regular meetings in the future on the IAS and report to each other on the latest solutions to those problems found in the promoting process of IAS.

Chinese Vice Minister of Finance Wang Jun, who is also secretary-general of the China Accounting Standard Committee, said that the cooperation between China and the EU on the IAS is one vital move under the financial dialogue framework of both sides.

The signing of the joint statement will be of great importance in upgrading China's role in the global accounting market and laying an accounting foundation for China's sustained and healthy economic growth.

(Xinhua News Agency February 15, 2006)