BEIJING — China and the European Union (EU) will strengthen audit cooperation following the EU's resolution to approve the appropriateness assessment of Chinese authorities in audit supervision, said the Ministry of Finance (MOF) on Nov 16.

EU member states can negotiate and sign agreements with Chinese regulators to achieve mutual benefit and perform audit supervision duties when the resolution took effect on Nov 15, said the MOF.

As an important progress in China-EU audit cooperation and financial dialogue, the resolution followed the realization of audit supervision equivalence between China and the EU in 2011.

The MOF noted that it is conducive to establishing a mutually beneficial and long-term audit supervision mechanism, as well as expanding investment and financing channels for Chinese and European enterprises.

The resolution also helps to internationalize the certified public accountant industry, and promote financial exchanges and cooperation under the Belt and Road Initiative, said the MOF.