China Germany Photo: CFP

 
China and Germany held the 3rd China-Germany High Level Financial Dialogue in Frankfurt on Sunday, during which both sides reached consensus on 25 items for raised for discussion. 

The two countries reiterated that this dialogue mechanism is a key platform for bilateral exchange and policy coordination on strategic, overarching, and long-term fiscal and financial issues, according to a statement on the website of the Ministry of Finance.

The re-start of the high-level financial dialogue between China and Germany is of significance to not only the two sides but also to overall China-Europe economic and trade relations, Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Sunday.

This is "a good opportunity" for China and Germany to increase understanding of each other against the backdrop of rising global challenges, he said.

Both 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.

They agreed that the global economic landscape remains uncertain by complex structural risks. In this context and in light of generational challenges ahead, including the transition to carbon neutrality, both sides are committed to bolstering global confidence and enhancing strong, sustainable, balanced, and inclusive growth for the global economy.

China and Germany are committed to jointly promoting global economic recovery and sustainable development, and aim at safeguarding global financial stability. Both sides support the role of the G20 as the premier global forum for international economic cooperation. 

Both sides agreed to strengthen exchanges regarding digital developments in financial services markets, including developments in central bank digital currencies.

Germany welcomes China's progress in recent years in building a stronger regulatory environment for foreign banks in China. And they encourage qualified financial institutions to invest and conduct business in each other's market. Both sides agree to strengthen investment cooperation, actively promote domestic enterprises to invest in each other's market, and reduce obstacles in two-way investment.

Li said major European economies have been facing difficulties such as an energy crisis due to the Russia-Ukraine conflict, but the Chinese economy continues to recover and is playing an increasingly important role in global governance. In this regard, strengthening cooperation with China will also benefit Europe's economic growth.