Germany and China to improve mutual market access for banks and insurance companies felt. “It’s about to reach, contrary to the current Trends, progress on the deepening of cooperation,” said Federal Finance Minister Olaf Scholz (SPD) on Friday in the second German-Chinese financial dialogue in Beijing. Three agreements for cooperation of the Bank regulators of the two countries for more cooperation in the trading of securities, and for greater cooperation of the Central banks have been signed.
“German banks are not welcome here,” said China’s Vice Premier Liu He. Both sides wanted to work together in the financial area. Also Germany is to make the Chinese banks more easily: It was important that “over-regulation of the branches of Chinese banks in Germany tackle,” said Liu Hu in the talks, in which Bundesbank President Jens Weidmann took part. Germany and China should be a “model” for a profitable cooperation.
In the months of the ongoing trade war with the United States, China had also offered to open up its closed financial market, finally more for services. The Expansion of the cooperation with Germany is also a Signal for the negotiations with the United States, to which Vice-Premier Liu He as the chief negotiator on the 30. and 31. January will travel to Washington.
the focus of the first visit to China by Scholz as Vice-Chancellor stood so apart from the financial cooperation, ways of resolving the trade conflict between the two largest economies, the significant impact on the German economy. US President, Donald Trump China threatens further massive punitive tariffs on Chinese imports to the value of around 200 billion dollars, if up to 1. March, is found no agreement.
China’s Vice Premier, the economic and political heavyweight in the Communist leadership, gave a positive assessment of the talks with Scholz: “The dialogue was a complete success.” The world economy was under pressure. Therefore, it is important to strengthen coordination. “Both sides are committed to multilateralism and a rule-based free trade,” said Liu He. China would cooperate with Germany in the group of major economic powers (G20), as well as in the world Bank closely.
Scholz praised the open and constructive discussions
Scholz was satisfied: “The open and constructive discussions, which have promoted the understanding of the other country.” There are many uncertainties in the world economy, said the Minister of Finance with a view to the planned exit of the British from the European Union and the trade disputes with the United States. “National self-interest to the detriment of all Involved.”
Scholz expressed confidence that in the result of the new financial cooperation with China, the banks and insurance companies in both countries actually have better access to the market. After China some momentum after its accession to the world trade organization (WTO) in 2001, much slower than expected and agreed with its financial and insurance sector had opened in the past months in efforts.
The development fits in with the Efforts of Scholz to strengthen in the course of the Brexits and a possible loss of Meaning of London and especially Frankfurt as an international financial trading centre. The German Finance Minister underlined during his two-day visit reiterates the importance of multilateralism and cooperation with China in times in which new trade conflicts threaten.
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Scholz pleaded for an international fair in dealing with tax issues. He stated that he is more on the level of the organization for economic and development (OECD) for minimum taxation rules. “We need common rules of the game”, said the Minister of Finance before the return flight to Berlin. (dpa)
