Germany, China aim to boost economic cooperation

BERLIN

Germany and China are keen to further strengthen their cooperation on financial and economic issues, German Finance Minister Christian Lindner said on Sunday.

Speaking at the Third German-Chinese financial dialogue in Frankfurt, which was also attended by Chinese Vice Prime Minister He Lifeng, Lindner said both sides want to create a fair and non-discriminatory market environment and strengthen the security of global supply chains.

Lindner pointed to “very constructive, very open” discussions. Both sides are determined to expand market access options and “open them up in the sense of a level playing field,” he said.

“This creates opportunities on both sides for responsible trade and investment,” Lindner added.

Berlin wants easier market access for German banks in China. China still needs to work on this issue, German Press Agency dpa quoted Finance Ministry circles as saying before the meeting.

The federal government wants to ensure that more German financial institutions get licenses in China. In addition, Frankfurt should be strengthened as a banking location and an EU hub for Chinese banks.

During the financial dialogue, a comprehensive joint statement was also agreed on with joint positions. In it, both sides said they would “clearly commit to an open global economy and multilateralism” within the framework of the UN, International Monetary Fund, the World Bank, the World Trade Organization, and the G-20, said Lindner.