(Yicai Global) July 11 -- The Minister of the Economy and Finance of Italy, Giovanni Tria, and the Minister of Finance of China, Liu Kun, held the First China-Italy Finance Dialogue in Milan, Italy on July 10 to promote the two countries' cooperation in economic and financial areas, according to their Joint Declaration released today.

The two agreed to strengthen cooperation in the financial market, including China's opening-up allowing foreign business to own up to 51 percent stakes in securities, futures and life insurance joint ventures and then phase out even this cap next year.

They also welcomed the first Panda Bond to be issued by a qualified Italian financial institution, per the Declaration.

Editor: Ben Armour