On May 6 local time, the closing ceremony of the Sixth Meeting of the China-France Business Council was held in Paris.
During the meeting, Xiamen ITG Group, Bpifrance, and Cathay Capital signed a memorandum of cooperation, agreeing to jointly establish the China-France Merger and Acquisition (M&A) Fund (Phase III).
This signing will further deepen cooperation between China and France in equity investment, promoting the global development of leading enterprises from both countries.
The China-France M&A Fund (Phase III) is valued at 2 billion euros ($2.19 billion) and will focus on investments in the advanced manufacturing, healthcare, and digital consumer sectors of medium to large enterprises in China, France, and other regions in Europe.
Additionally, the fund will facilitate the implementation of foreign investment projects in Xiamen.
The establishment of the China-France M&A Fund (Phase III) is an important milestone in the development of the China-France M&A Fund series, and occurred on the series' 10th anniversary.
The China-France M&A Fund was originally established at the Elysee Palace in France on March 26, 2014, on the 50th anniversary of the establishment of diplomatic relations between China and France.
On January 9, 2018, during President Emmanuel Macron's visit to China, an agreement for the China-France M&A Fund (Phase II) was signed in Beijing.
Since its establishment, the fund has played a proactive role in promoting the integration of industrial resources and strengthening bilateral economic and trade cooperation between China and France.
China announced and implemented on May 15 a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline.
China and Georgia are set to waive visa requirements for travelers starting May 28.
