GERMANY and China pledged to increase market access for banks and insurance companies following a bilateral meeting in Beijing on Friday between German Finance Minister Olaf Scholz and Bundesbank President Jens Weidmann.

Three agreements were signed to collaborate on banking supervision, securities trading and to enhance cooperation between both central banks following the talks.

“The goal is to achieve progress in deepening cooperation contrary to other current trends,” Scholz said.

Chinese vice Premier Liu He described the talks as a complete success although he said it was important to address the “overregulation of the branches of Chinese banks in Germany.’’

Cooperation and market access are particularly important to both China and Germany in the wake of Brexit and the possible loss of London’s significance as an international financial centre.

Scholz said he wanted to further strengthen Frankfurt’s position as a finance hub.

For China, greater access to the EU is also important as it continues to fight a trade war with the U.S.

Meanwhile, President Donald Trump has threatened to impose further punitive tariffs of around 200 billion dollars if no agreement on the trade war is reached by March. (Dpa/NAN)

– Jan. 18, 2018 @ 12:45 GMT |