Germany wants to achieve reciprocal market access for financial institutions in the third financial dialogue between Berlin and Beijing taking place this weekend, government sources said on Friday. "The Chinese still have some work to do to ensure that there is actually appropriate market access for German financial institutions in China," a finance ministry source said, adding that the focus was on banks and insurance companies. Another objective for the third financial dialogue is to further strengthen Frankfurt "as an EU hub for Chinese banks," the sources said. In the last round of talks in January 2019, China and Germany signed agreements to strengthen coordination in banking, finance and capital markets, and pledged to further open market access and deepen cooperation in a bid to broaden economic ties. Licences to operate in China were granted to Deutsche Bank and Allianz.

Source: The Standard September 30, 2023 05:53 UTC