High-ranking officials from China and the European Union (EU) held an economic and financial dialogue here on Wednesday, aiming to deepen their cooperation amid a nascent global recovery.

"As the world's two major economies, China and the EU share common interests in supporting a sustainable recovery of the world economy and pushing for a new international economic order," Liao Xiaojun, China's deputy finance minister, said.

At the one-day dialogue, Chinese and EU officials had an in-depth discussion on a variety of issues, including macroeconomic situation, reform of international financial system, financial supervision, the equivalence of Chinese accounting standards with EU's and public procurement.

"China is willing to strengthen dialogue with the EU on macroeconomic policies, including exit strategy," Liao said.

As the world economy is recovering, governments are mulling an exit strategy to withdraw their extraordinary measures which had been put into place to stimulate economic growth.

Liao said a better coordination between China and the EU would be conducive for the world economy.

The economic and financial dialogue is an important part of China-EU cooperation and involves annual meetings between high level officials from both sides.

The dialogue was launched in 2005 to develop a mutual understanding of global and bilateral economic, fiscal, monetary policy and financial services related issues to the interest of the two partners and the world economy in general.