German Finance Minister Olaf Scholz, left, and Chinese Vice Premier Liu He arrive for the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. 18, 2019. (AP Photo/Andy Wong, Pool)

China, German promise closer financial cooperation

January 18, 2019 - 1:35 am

BEIJING (AP) — China and Germany have promised to open their markets wider to each other's banks and insurers, giving Beijing a diplomatic victory amid trade tension with Washington and other governments.

The two sides on Friday affirmed support for the global trading system that other governments worry is threatened by President Donald Trump's "America first" policies.

The announcement followed talks between German Finance Minister Olaf Scholz and China's economy czar, Vice Premier Liu He.

China has tried without success to recruit Germany as an ally in its tariff war with Trump but Berlin has expressed support for global free trade.

The two sides signed agreements to cooperate more closely on financial regulation. They included no commercial commitments, but Liu said Beijing welcomed German financial institutions to play a bigger role in China.

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