Chinese Finance Minister Liu Kun (R) and his Italian counterpart Giovanni Tria preside over the first Italy-China Finance Dialogue in Milan, Italy, July 10, 2019. (Xinhua/Alberto Lingria)

MILAN, Italy, July 10 (Xinhua) -- Italian Minister of Economy and Finance Giovanni Tria and Chinese Finance Minister Liu Kun reiterated here on Wednesday that the two countries will join hands to defend free trade and multilateralism.

The first Italy-China Finance Dialogue, presided by Liu and Tria, takes place here months after the signing of a Memorandum of Understanding between Italy and China on the Belt and Road Initiative (BRI) earlier this year in Rome.

Top financial and business leaders from the two countries, among them China's Vice Minister of Finance Zou Jiayi, discussed macro economy situation in the world and the global economic governance, Sino-Italian strategic cooperation, financial collaboration and supervision, finance policy exchange and collaboration.

The two sides agreed to improve the governance of global economy and enhance collaboration on the financial market and financial supervision, encourage financial institutions to flourish in each other's markets.

During this dialogue, the two sides vowed to implement the memorandum, support the BRI and third-

party market projects through financing collaboration.

The two ministers also attend the first Italy-China Financial Forum held Wednesday morning and addressed the press together.