Whether Deutsche Bank will once earn so much money in China as it is today, the automotive group, VW? Previously, financial services are regulated in such a way that the competition from a distance is kept on the two markets. To change this, Finance Minister Olaf Scholz (SPD) on a flight to Beijing. This Friday, the second German-Chinese financial dialogue.
Hendrik Ankenbrand
business correspondent for China, based in Shanghai.
F. A. Z.
Manfred Schäfers
economic correspondent in Berlin.
F. A. Z.
on this occasion, three agreements will be signed, which should lead to the Opening of the financial markets. “We have agreed that it is important to us just now is to put a sign that the world holds together, that it remains multilateral, and all try to cooperate with each other,” said the SPD politician, after a conversation with his Chinese counterpart.
the financial sector was of extraordinary importance. It is a matter “that we can achieve improvements and agreements, which facilitate the access of German banks, financial institutions and insurance companies to the Chinese market and economically possible to do the reverse also, of course,” said Scholz. “This will contribute to the prosperity of profit, is all the greater.”
Xi promised concrete steps
The negotiated agreement, are of a more General nature. One relates to the trading of securities, German banks could make with these easier business in China. Another relates to the cooperation of the Federal Agency for financial services supervision with their Chinese counterpart. A third, the Bundesbank and China’s Central Bank. However, the signed papers are of a more General nature, that is, it will be crucial, as will later be filled with life.
it Ultimately comes down to the conditions under which branches and banks in the other market can be opened, about how hard the requirements for the equity. Here, one aims at mutually loosening. For the German banks this can be the start to a so far largely untapped market, and greater focus. But at least as important, the agreements for the German insurance companies, which with their products have good chances in the people’s Republic of can be trust.
Concrete plans for the Opening of its financial sector had presented to China in April last year at the economic forum in Boao on Hainan island. Contrary to the cloudy promises that come from the past, the Bank Governor Yi Gang said Central, how, and especially when foreign banks are allowed to make with fewer restrictions in the people’s Republic of shops. Also, the state President Xi Jinping promised in Boao concrete beam steps, which was interpreted by observers as a conciliatory gesture to his American counterpart, Donald Trump in the trade dispute.