China, Germany agreed to expand mutual market access, strengthen cooperation in fiscal, financial areas
MACRO POLICY & REGULATION
China, Germany agreed to expand mutual market access, strengthen cooperation in fiscal, financial areas
MACRO POLICY & REGULATION

China, Germany agreed to expand mutual market access, strengthen cooperation in fiscal, financial areas

 

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Chinese Vice Premier He Lifeng and German Minister of Finance Christian Lindner co-chaired the third China-Germany High-Level Financial Dialogue in Frankfurt on Sunday and reached consensus on 25 items, China’s Ministry of Finance said.

The two sides agreed to strengthen cooperation on fiscal and financial matters, and open market access based on a level playing-field, while committing to combating trade protectionism, and supporting the rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system with the WTO at its core, it said.

The two sides encourage qualified financial institutions to invest and conduct business in each other’s market and agree to strengthen investment cooperation and reduce obstacles in two-way investment. They agreed to have communications on signing a MoU on insurance supervision, and China welcomes qualified German insurance companies to apply for operational licenses.

Both sides will support German financial institutions to conduct RMB business, encourage qualified German entities to issue and invest in RMB-denominated bonds and accommodate the possibility of listings of depository receipts of domestic shares on each other’s stock markets.

The two sides will be committed to strengthening macroeconomic policy coordination to jointly promote global economic recovery and sustainable development while safeguarding global financial stability, it added.