So far, the General intention, it is more likely explanations, but after all, China and Germany for their financial want to open markets for each other more than before.
For the German financial industry, the visit of Finance Minister, Olaf Scholz, the door opener could be action in a difficult market. The Chinese side may have the consequences of Brexit for access to the European financial market, and thus the question of whether or not Frankfurt in the future could provide some of what is going on in London. Anyway, Scholz, and Chinese Vice Prime Minister Liu He signed on Friday three agreements with the financial sector.
Of the agreements already clear: Germany and China want to cooperate in the financial area more in the future. The three agreements aim at Strengthening the cooperation in the banking and insurance sector. This will it easier for companies in these sectors to believe in each other’s country on foot, said Scholz on Friday in Beijing.
“German banks welcome”
In the final Declaration it means that German and Chinese insurers are in each other’s country welcome. China will ensure equal conditions of competition for foreign companies. Also, German banks could expand their business in the people’s Republic of. Plans for the Opening of its financial sector had presented to China last April. However, Chinese banks are now so potent, that foreign competition is having a hard time.
The Federal Minister of Finance Scholz (in Beijing)
In the case of agreements there are two agreements for Expansion of relations between the German financial authority, BaFin, with the Chinese banking and insurance supervision CBIRC and with the securities regulatory CSRC. In addition, an agreement between the Bundesbank and the Chinese Central Bank has been completed.
Not more than a framework. As he is filled, is a different matter. “German banks are not welcome here”, also said China’s Vice Premier Liu He, who is responsible for economic policy. He wouldn’t let it but even then, Germany should make it easier for Chinese banks: 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.
“Dialogue at the right time”
Barriers – could be seen as the aim of the German visit in Beijing. German as well as other foreign banks in China so far, hardly a role: their share of the Chinese financial market is specified with a percentage. First arrivals of the German Bank, to gain a foothold ended in 2016. Meanwhile, German insurers are not likely to work out, some Chance in China, the come so far in this market.
Liu He, Vice-Premier of China (during a visit in Germany in November)
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 few months.
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.
“This Sino-German financial dialogue will take place at exactly the right time,” said the Minister at the conclusion of the zweitäigen Beijing visit, and left no doubt that he has the trade dispute with the USA in sight: “Agreed, we have been us that multilateralism is the right response to the challenges of our time,” said Scholz. His conversation partner, Vice Premier Liu He is also the chief negotiator for the talks on an end to the months-lasting trade conflict between the United States and China.
Turnaround in the trade of conflict?
In the trade in conflict hope for a certain amount of relaxation began to grow, meanwhile. A media report says the US government is considering the import duties on Chinese products. A proposal to have submitted to the Minister of Finance of Steve Mnuchin, reported the “Wall Street Journal” on Thursday citing insiders.
Inspired by the prospects for Asian investors to grips on Friday with shares. The Japanese Nikkei Index gained 1.3 percent to 20.666 counter, the highest closing level since mid-December. Uphill it was also in China: The Shanghai Composite rose 1.4 per cent. The stock market on Wall Street had reacted on the eve with the sudden Win.
Investors take up relaxation signals in the trade dispute – Shanghai stock exchange
The “Wall Street Journal” had written, Mnuchin had a turnaround in the trade dispute for the next round of Negotiations with China on 30. January brought into play. Relying on the operation of familiar people, it was said, it could go to some or all of the duties. The US trade representative Robert Lighthizer reject this idea, however.
Lighthizer?
A spokesman for the US Department of the Treasury rejected the report of the “Wall Street Journal” immediately: “Neither Minister Mnuchin still Ambassador Lighthizer in relation to the duties or other components of the negotiations with China, anyone proposals.” The newspaper had written that the proposal had not been submitted to the US President Donald Trump.
Trump disrupts at the huge deficit of his country in trade with China, and has triggered the current conflict with specific duties. China responded with counter-measures. On 2. March to the tariffs on Chinese imported goods rise in the value of 200 billion dollars from ten to 25 per cent, if there is no rapprochement.
ar/hb (rtr, dpa, ap archive)