圖片來源：攝圖網(wǎng)

2019年1月18日，中國國務(wù)院副總理劉鶴和德國聯(lián)邦副總理兼財長肖爾茨在北京共同主持第二次中德高級別財金對話（以下簡稱對話）。雙方強(qiáng)調(diào)這一對話機(jī)制是中德就財金領(lǐng)域戰(zhàn)略性、全局性、長期性問題進(jìn)行雙邊溝通和政策協(xié)調(diào)的重要平臺。雙方致力于在對話平臺基礎(chǔ)上擴(kuò)大雙向開放，深化務(wù)實合作，推動中德財金關(guān)系邁上新臺階。雙方重申在財政金融領(lǐng)域加強(qiáng)宏觀經(jīng)濟(jì)政策協(xié)調(diào)和務(wù)實合作，拓展戰(zhàn)略性合作。雙方將共同努力推動完善國際經(jīng)濟(jì)治理，維護(hù)全球多邊體系，反對貿(mào)易保護(hù)主義，支持以規(guī)則為基礎(chǔ)、以世貿(mào)組織為核心的多邊貿(mào)易體制，促進(jìn)開放型世界經(jīng)濟(jì)和全球經(jīng)濟(jì)增長。雙方在對話中達(dá)成以下共識：

1.雙方同意加強(qiáng)全球經(jīng)濟(jì)治理領(lǐng)域合作，特別是完善金融架構(gòu)，推進(jìn)主要國際金融機(jī)構(gòu)改革，加強(qiáng)多雙邊溝通交流等，增強(qiáng)全球信心，實現(xiàn)世界經(jīng)濟(jì)強(qiáng)勁、可持續(xù)、平衡和包容性增長。

2.雙方支持二十國集團(tuán)（G20）作為國際經(jīng)濟(jì)合作主要論壇的作用，致力于落實G20杭州、漢堡和布宜諾斯艾利斯峰會成果，支持G20在結(jié)構(gòu)性改革、可持續(xù)發(fā)展、基礎(chǔ)設(shè)施投資、國際金融架構(gòu)、金融部門改革、數(shù)字經(jīng)濟(jì)等領(lǐng)域促進(jìn)對話與合作，維護(hù)多邊貿(mào)易體制，就新技術(shù)應(yīng)用和數(shù)字變革加強(qiáng)合作以應(yīng)對相關(guān)挑戰(zhàn)。

3.雙方支持巴黎俱樂部作為官方雙邊債務(wù)重組主要國際平臺的作用及其正在開展的相關(guān)工作，支持其持續(xù)吸納更多新興債權(quán)國。雙方支持國際貨幣基金組織和世界銀行集團(tuán)在增強(qiáng)公共債務(wù)透明度方面開展的工作并歡迎相關(guān)建議。雙方歡迎《G20可持續(xù)融資操作性指南》并呼吁跟進(jìn)相關(guān)工作。

4.雙方歡迎名人小組（EPG）報告并期待在日本擔(dān)任主席國期間采取后續(xù)行動。

5.雙方重申支持以世貿(mào)組織為核心、以規(guī)則為基礎(chǔ)、非歧視、開放、包容和透明的多邊貿(mào)易體制。雙將與其他成員一道，推進(jìn)WTO改革以改進(jìn)世貿(mào)組織三大職能（規(guī)則制定、爭端解決和監(jiān)督），以幫助其應(yīng)對當(dāng)前和未來挑戰(zhàn)。

6.雙方同意繼續(xù)保持密切合作，共同應(yīng)對和打擊跨境逃避稅。雙方同意在落實G20/OECD稅基侵蝕與利潤轉(zhuǎn)移行動計劃方面繼續(xù)加強(qiáng)溝通合作。雙方將繼續(xù)致力于提升稅收確定性，并與OECD一同致力于應(yīng)對經(jīng)濟(jì)數(shù)字化給稅收帶來的挑戰(zhàn)。雙方將繼續(xù)支持G20關(guān)于提升稅收透明度和落實自動情報交換的承諾，呼吁所有轄區(qū)遵從透明度國際公認(rèn)標(biāo)準(zhǔn)以及按照承諾的時間交換稅收信息，共建公平現(xiàn)代的國際稅收體系。雙方承諾通過多種方式幫助發(fā)展中國家，尤其是低收入國家加強(qiáng)稅收政策和征管能力建設(shè)。

7.雙方一致認(rèn)為，中德合作有利于促進(jìn)兩國經(jīng)濟(jì)發(fā)展，加強(qiáng)現(xiàn)有經(jīng)濟(jì)關(guān)系，實現(xiàn)優(yōu)勢互補(bǔ)。雙方承諾確保非歧視的、開放的市場準(zhǔn)入環(huán)境和穩(wěn)定的制度框架，減少現(xiàn)有市場準(zhǔn)入和投資壁壘，改善外企商業(yè)環(huán)境。

8.雙方承諾深化在國際貨幣基金組織（IMF）中的合作，增強(qiáng)以一個強(qiáng)有力的、以份額為基礎(chǔ)的、資源充足的IMF為核心的全球金融安全網(wǎng)。雙方支持IMF按時完成第15次份額總檢查，包括形成新的份額公式，以確保有活力的經(jīng)濟(jì)體的份額與其在世界經(jīng)濟(jì)中的相對地位相一致地增加，從而可能實現(xiàn)新興市場和發(fā)展中國家總體份額的提升，同時保護(hù)最貧窮成員國的發(fā)言權(quán)和代表性。

9.中德雙方在亞投行籌建、發(fā)展和運(yùn)營中一直保持著密切的、規(guī)律的和良好的合作。雙方將繼續(xù)加強(qiáng)在亞投行框架下的協(xié)調(diào)和全方位合作，與其他成員一道，聚焦亞投行作為新多邊機(jī)構(gòu)實現(xiàn)進(jìn)一步發(fā)展的戰(zhàn)略重點，借鑒現(xiàn)有多邊開發(fā)銀行的良好做法，積極打造自身價值主張和特色，不斷提高機(jī)構(gòu)能力。雙方將共同努力支持亞投行不斷發(fā)展，提供客戶導(dǎo)向的融資和服務(wù)，通過亞投行特別基金開展合作，進(jìn)一步鼓勵亞投行從成員國國家發(fā)展專家中引進(jìn)專業(yè)人才。

10.雙方期待深化多邊開發(fā)融資合作，支持改進(jìn)基礎(chǔ)設(shè)施互聯(lián)互通。

11.雙方支持中歐互聯(lián)互通平臺就“一帶一路”倡議與歐盟提出的歐亞互聯(lián)互通戰(zhàn)略以及歐洲基礎(chǔ)設(shè)施規(guī)劃對接所開展的工作。相關(guān)合作應(yīng)基于透明原則、經(jīng)濟(jì)可持續(xù)性，遵守項目受益國法律和符合其債務(wù)能力的融資實踐，同時考慮受益國各自的政策和國別情況。

12.雙方確認(rèn)金融領(lǐng)域合作具有潛力，并對金融企業(yè)在第三方國家市場基于透明和可持續(xù)原則深化合作持開放態(tài)度。企業(yè)與金融機(jī)構(gòu)將基于商業(yè)原則進(jìn)行合作決策。

13.雙方歡迎德國官方出口信用和投資保險機(jī)構(gòu)與中國出口信用保險公司深化合作，在2016年德國裕利安怡公司與中國出口信用保險公司簽署的再保險協(xié)議基礎(chǔ)上，尋求共同為兩國出口商項目提供保險和再保險支持，以推動兩國企業(yè)在第三方市場開展合作。

14.雙方歡迎兩國金融機(jī)構(gòu)進(jìn)一步發(fā)展創(chuàng)新性的中小企業(yè)融資機(jī)制。

15.雙方愿加強(qiáng)國際發(fā)展交流與合作，促進(jìn)全球減貧，共同應(yīng)對公共衛(wèi)生、糧食安全、氣候變化等全球性挑戰(zhàn)，推動低收入國家增長和發(fā)展。雙方同意在落實2030年可持續(xù)發(fā)展議程（以下簡稱議程）方面保持密切溝通和合作，承諾進(jìn)一步采取行動，在本國及國際范圍內(nèi)落實議程。

16.雙方認(rèn)同實施結(jié)構(gòu)性改革以及增長和穩(wěn)定導(dǎo)向的宏觀經(jīng)濟(jì)政策將有助于經(jīng)濟(jì)長期可持續(xù)增長。其中，健全透明的公共財政是關(guān)鍵組成部分。

17.雙方贊賞自首次對話以來兩國財政部之間建立的政策研究合作機(jī)制以及該機(jī)制下共同探索形成的政策交流模式。已舉行的四次政策研究專題研討會聚焦于人口結(jié)構(gòu)變化對社?？沙掷m(xù)性發(fā)展的挑戰(zhàn)。雙方愿繼續(xù)就包括結(jié)構(gòu)性改革和現(xiàn)代經(jīng)濟(jì)治理體系等重大議題進(jìn)行深度交流，并重點關(guān)注財政可持續(xù)性問題，特別是人口老齡化對財政可持續(xù)性的沖擊，愿就共同關(guān)切的社會經(jīng)濟(jì)議題進(jìn)行研究合作。為進(jìn)一步深化合作，雙方?jīng)Q定圍繞“人口結(jié)構(gòu)變化背景下老年保障相關(guān)體系的管理、發(fā)展和可持續(xù)性問題”啟動聯(lián)合研究項目，并向下次中德對話提交聯(lián)合研究報告。

18.雙方同意就德國住房有關(guān)情況和公共政策進(jìn)行溝通交流，重點包括政府的財稅政策支持、監(jiān)管舉措及政策效果。

19.德方歡迎中方為放寬市場準(zhǔn)入所作出的努力。德方歡迎中方持續(xù)有效擴(kuò)大金融部門的對外開放。中方歡迎符合條件的德資金融機(jī)構(gòu)來華展業(yè)，德方歡迎符合條件的中資金融機(jī)構(gòu)赴德展業(yè)。

20.雙方同意在相互尊重主權(quán)和對方國內(nèi)法律法規(guī)的前提下啟動雙邊審計監(jiān)管合作談判，為跨境發(fā)行股票、債券提供制度保障，進(jìn)一步促進(jìn)兩國資本市場互聯(lián)互通。中方歡迎和支持德國企業(yè)發(fā)行熊貓債，愿意提供審計監(jiān)管便利。

21.雙方支持兩國交易所和金融市場行業(yè)協(xié)會加強(qiáng)友好交流與務(wù)實合作，增進(jìn)兩國金融機(jī)構(gòu)和投資者對彼此資本市場和監(jiān)管制度的了解，為雙邊務(wù)實合作和兩國資本市場健康穩(wěn)定發(fā)展創(chuàng)造良好條件。雙方支持中國證券投資基金業(yè)協(xié)會與德方合作伙伴舉辦中國資本市場主題研討會。

22.雙方認(rèn)同外資機(jī)構(gòu)參與中國保險市場對于提升金融普惠、金融韌性和應(yīng)對中國人口結(jié)構(gòu)變化的意義。雙方歡迎合格的德國保險企業(yè)在華設(shè)立全資保險控股公司，歡迎中國保險和再保險公司在德現(xiàn)行法律和監(jiān)管框架下開展再保險業(yè)務(wù)。在務(wù)實合作與有效市場開放精神指導(dǎo)下，雙方致力于及時處理本國和外國保險公司的許可申請。中方致力于繼續(xù)給予外資保險公司國民待遇和中外一致的公平競爭環(huán)境。中方歡迎符合條件的德資保險公司申請其專長領(lǐng)域的經(jīng)營許可，歡迎符合條件的德資保險機(jī)構(gòu)在相關(guān)法律法規(guī)范圍內(nèi)擴(kuò)展其在華互聯(lián)網(wǎng)保險領(lǐng)域的業(yè)務(wù)范圍，推動對中國消費者有利的創(chuàng)新。

23.雙方歡迎并支持法蘭克福人民幣離岸市場和當(dāng)?shù)厝嗣駧徘逅阈械慕ㄔO(shè)與發(fā)展，以及德國金融機(jī)構(gòu)使用人民幣合格境外機(jī)構(gòu)投資者（RQFII）額度進(jìn)入中國市場投資。雙方歡迎金融機(jī)構(gòu)在德國發(fā)行人民幣債券。

24.雙方支持中歐國際交易所（以下簡稱中歐所）發(fā)揮促進(jìn)兩國金融合作、人民幣國際化以及中德先進(jìn)制造業(yè)對接與合作的重要平臺作用，支持法蘭克福離岸人民幣市場發(fā)展，以擴(kuò)大人民幣在中德之間的跨境使用。

雙方支持各自證券監(jiān)管機(jī)構(gòu)簽署雙邊跨境衍生品監(jiān)管合作諒解備忘錄，以支持在法蘭克福中歐所上市A股指數(shù)衍生品。雙方歡迎德方各類發(fā)行人在中歐所發(fā)行人民幣計價的債券，歡迎中國發(fā)行人到中歐所發(fā)行上市股票、債券，并遵守適用的財務(wù)報告準(zhǔn)則及支持與財務(wù)報告相關(guān)的執(zhí)法活動。

雙方歡迎德意志交易所和上海證券交易所就各自的上市公司在對方市場掛牌存托憑證（DR）產(chǎn)品開展可行性研究。中方歡迎符合條件的德資在華銀行申請中國存托憑證（CDR）業(yè)務(wù)牌照。

雙方歡迎中國銀行與中歐所簽訂《D股項目合作諒解備忘錄》，支持中國企業(yè)赴德上市融資。

25.雙方歡迎就監(jiān)管問題開展密切對話和磋商，并歡迎兩國有關(guān)部門簽署《中德銀行業(yè)監(jiān)管合作意向信》。為了在銀行業(yè)監(jiān)管待遇方面取得更進(jìn)一步的成果，兩國有關(guān)部門將密切合作并致力于簽署一份協(xié)議以幫助解決兩國銀行分行和子行進(jìn)入對方市場可能遇到的障礙。中方愿意鼓勵至少一家總部設(shè)在中國的銀行在德國（法蘭克福）開設(shè)子行作為其歐洲總部。

26.雙方歡迎在綠色金融和可持續(xù)融資領(lǐng)域已取得的重要進(jìn)展，特別是在中德兩國分別擔(dān)任G20主席國期間取得的重要成果。雙方同意繼續(xù)在綠色金融領(lǐng)域開展積極合作，包括致力于做好“央行與監(jiān)管機(jī)構(gòu)綠色金融合作網(wǎng)絡(luò)”（NGFS）框架下相關(guān)工作，鼓勵金融機(jī)構(gòu)開展環(huán)境風(fēng)險分析，并按照G20和氣候相關(guān)金融信息披露工作組（TCFD）有關(guān)建議和框架開展環(huán)境信息披露，共同推動在G20框架下討論可持續(xù)基礎(chǔ)設(shè)施投資議題。

27.雙方歡迎兩國央行在本次對話期間簽署合作諒解備忘錄，進(jìn)一步加強(qiáng)兩機(jī)構(gòu)在經(jīng)濟(jì)金融形勢交流、中央銀行業(yè)務(wù)、技術(shù)援助和人員培訓(xùn)方面的合作。

28.雙方支持各自證券監(jiān)管機(jī)構(gòu)加強(qiáng)溝通交流，并通過簽署監(jiān)管合作和信息交換諒解備忘錄，深化證券期貨領(lǐng)域的監(jiān)管合作機(jī)制。兩國金融監(jiān)管機(jī)構(gòu)同意加強(qiáng)日常監(jiān)管與跨境執(zhí)法合作、信息共享以及市場極端情況下的應(yīng)急協(xié)同機(jī)制，并致力于促成雙邊跨境衍生品監(jiān)管合作備忘錄的簽署。

29.雙方同意加強(qiáng)在金融科技領(lǐng)域交流與合作。

30.中方歡迎更多符合條件的德國當(dāng)?shù)貦C(jī)構(gòu)加入人民幣跨境支付系統(tǒng)（CIPS）辦理跨境人民幣清算結(jié)算業(yè)務(wù)。中方歡迎有能力、有意愿的德資企業(yè)進(jìn)入中國支付服務(wù)市場，提升行業(yè)整體實力。

31.雙方同意繼續(xù)保持在金融行動特別工作組（FATF）框架下的緊密和互信合作，尋求互相支持，在適當(dāng)?shù)姆煽蚣芟?，促進(jìn)與兩國金融情報中心相關(guān)的反洗錢和反恐融資合作。雙方期待進(jìn)一步探索加強(qiáng)合作的方式，包括日常磋商和工作訪問等。

32.中方歡迎符合條件的德資銀行申請成為中國人民銀行公開市場一級交易商。

33.中方歡迎符合資格的德資金融機(jī)構(gòu)在華申請熊貓債主承銷商資格和基金托管牌照。中國銀行間市場交易商協(xié)會（以下簡稱交易商協(xié)會）將開展新一輪關(guān)于債券承銷資格的市場化評估。在此過程中，交易商協(xié)會將根據(jù)中方相關(guān)程序和標(biāo)準(zhǔn)，積極考慮德資銀行的申請。

34.中方愿在金融領(lǐng)域改善市場準(zhǔn)入方面的營商與監(jiān)管環(huán)境，包括外國銀行分行吸收中國境內(nèi)公民單筆人民幣定期存款的最低金額要求。與金融業(yè)對外開放精神一致，中方愿繼續(xù)評估現(xiàn)行法律和監(jiān)管框架，進(jìn)行必要適當(dāng)調(diào)整，推動外資金融機(jī)構(gòu)在華穩(wěn)健經(jīng)營。

Joint Statement of the 2nd China-Germany High Level Financial Dialogue

Expanding two-way opening-up and deepening pragmatic cooperation to bring the China-Germany financial relations to a new high

January 18th, 2019, Chinese Vice Premier Liu He and German Vice Chancellor and Minister of Finance Olaf Scholz co-chaired the 2nd China-Germany High Level Financial Dialogue in Beijing. Both sides emphasized that this dialogue mechanism is a key platform for bilateral communication and policy coordination on strategic, overarching, and long-term issues in the fiscal and financial fields. Under the dialogue framework, both sides are committed to expanding two-way opening-up and deepening pragmatic cooperation to bring the China-Germany bilateral financial relations to a new high. Both sides reaffirm that they will strengthen macroeconomic policy coordination and pragmatic cooperation in the fiscal and financial fields and expand strategic cooperation. The two sides will make joint efforts to improve international economic governance, maintain the global multilateral system, combat trade protectionism, support the rule-based multilateral trading system with the WTO as its center and promote an open world economy, as well as global economic growth. Both sides reached the following consensus during the dialogue：

1. Both sides agree to strengthen cooperation on global economic governance, including improving the financial structure, promoting the reform of major international financial institutions, and strengthening multilateral and bilateral communication, in order to enhance global confidence and achieve strong, sustainable, balanced, and inclusive growth of world economy.

2. Both sides support the role of the G20 as the premier forum for international economic cooperation, and are committed to implementing the outcomes of the G20 summits in Buenos Aires, Hangzhou and Hamburg. Both sides support the G20 in promoting dialogue and cooperation in such areas as structural reform, sustainable development, infrastructure investment, international financial architecture, financial sector reform and the digital economy. Both sides are committed to safeguarding the multilateral trading system, and strengthening cooperation on emerging technology applications and digital transformation to meet related challenges.

3. Both sides support the ongoing work of the Paris Club, as the principal international forum for restructuring official bilateral debt, towards broader inclusion of emerging creditors. Both sides welcome the work of the IMF and the World Bank on strengthening public debt transparency and welcome the recommendations. Both sides welcome the G20 Operational Guidelines for Sustainable Financing and call for their follow-up.

4. Both sides welcome the Report by the Eminent Persons Group (EPG) and look forward to follow up under the Japanese Presidency.

5. Both sides reaffirm their support for the rules-based, non-discriminatory, open, inclusive and transparent multilateral trading system with the WTO at its center. Both sides will work with other members on WTO Reform to improve the WTO in its three functions (rule making, dispute settlement, monitoring), to help it meet current and future challenges.

6. Both sides will continue to maintain close cooperation to jointly cope with and combat cross-border tax evasion and to strengthen communication and cooperation on implementing the G20/OECD Tax Base Erosion and Profit Shifting Action Plan. Both sides will continue their work to improve tax certainty, and work with the OECD to address the tax challenges raised by the digitalization of the economy. Both sides will continue to support the G20 commitment on tax transparency and automatic exchange of tax information, and call on all jurisdictions to comply with internationally recognized standards of tax transparency and to exchange information in the tax area within the committed time frame, so as to build a fair and modern tax system together. Both sides are pledged to help developing countries, especially low-income countries in a variety of ways to strengthen their capacity building in tax policy and administration.

7. Both sides agree that German-Chinese cooperation is beneficial to the economies of both countries and, as such, strengthening existing economic ties could be of mutual advantage. Both sides are committed to ensuring a non-discriminating, open market access environment and a stable institutional framework, and to easing existing market access and investment barriers to improve business environment for foreign companies in both countries.

8. Both sides are committed to deepening cooperation in the International Monetary Fund (IMF) and to strengthening the global financial safety net with a strong, quota-based, and adequately resourced IMF at its center. Both sides are committed to concluding the 15th General Review of Quotas and agreeing on a new quota formula as a basis for a realignment of quota shares to result in increased shares for dynamic economies in line with their relative positions in the world economy and hence likely in the share of emerging market and developing countries as a whole, while protecting the voice and representation of the poorest members.

9. China and Germany have been maintaining close, regular, and good cooperation in the preparation, development and operation of AIIB. Both sides will continue strengthening bilateral coordination and all-round cooperation under the framework of AIIB. Together with other members, China and Germany will focus on the strategic priorities of the future development of AIIB as a new multilateral institution, and fully draw on existing good practices of multilateral development banks to actively build AIIB’s own value position and characteristics to constantly improve its institutional capabilities. Joint efforts will be made to support AIIB's ongoing build-up and provision of client-oriented financing and services, including cooperating through AIIB's Special Fund to further encourage AIIB to bring in national development experts of AIIB members.

10. Both sides look forward to furthering multilateral development financing cooperation, and support improving infrastructure connectivity.

11. Both sides will support the China-EU connectivity platform’s efforts in identifying synergies between the Belt and Road Initiative and the EU’s strategy for connecting Europe and Asia as well as European infrastructure planning. Such cooperation should abide by the shared principles of transparency, economic sustainability, as well as the law of the countries benefitting from the projects and sound financial practices that respect the viability of their debt, while taking into account their respective policies and individual situations.

12. Both sides recognize the potential of cooperation in the financial sector and are open to financial enterprises deepening their cooperation in third countries based on transparency and sustainability. Cooperation decisions are made by enterprises and financial institutions based on commercial criteria.

13. Both sides welcome the deepening cooperation between official German export credit and investment insurance institutions and the China Export Credit Insurance Corporation, to explore how joint insurance or reinsurance support for projects involving exporters from both countries can be provided on the basis of the 2016 Euler Hermes–China Export Credit Insurance Corporation re-insurance agreement to support cooperation between our companies in third-party markets.

14. The two sides welcome further development of innovative financing mechanisms for SMEs by financial institutions of both countries.

15. Both sides are willing to strengthen communication and cooperation on international development, promote global poverty reduction, jointly address global challenges such as public health, food security and climate change, and promote growth and development in low income countries (LICs). Both sides intend to maintain close communication and cooperation on implementing the Sustainable Development Goals (SDGs) and 2030 Agenda and promised to take further action to implement the 2030 Agenda at national and international levels.

16. Both sides agree that structural reform, growth and stability-oriented macroeconomic policies will contribute to long-term and sustainable economic growth. Sound and transparent public finances are a key ingredient of the former.

17. Both sides appreciate the mechanism for policy research cooperation, and the format for exchanging of views established by the two Ministries of Finance since the first dialogue. In the spirit of mutual learning, four bilateral expert sessions took place, focusing on the challenges for sustainable development of social systems posed by demographic change. Both sides are willing to continue in-depth exchange on important issues such as structural reforms and modern economic governance systems, on the basis of existing good cooperation while keeping a focus on fiscal sustainability in the context of an ageing society, to study and cooperate on socio-economic issues with shared concern. In order to further deepen the cooperation, a joint project on the management, evolution and sustainability of respective systems for old age provision in the demographic context should lead to conclusions, which are to be presented at the next Dialogue.

18. Both sides agreed to exchange information and public policy on housing issues with emphasis on government's fiscal and tax policy support, supervision, and policy effects.

19. Germany welcomes China’s efforts to broaden market access. Germany welcomes China continuing to effectively further open up its financial sector. The Chinese side welcomes qualified German financial institutions into the Chinese market, and the German side welcomes qualified Chinese financial institutions into the German market.

20. Both sides agree to initiate negotiations for the cooperation on bilateral audit supervision on the premise of mutual respect for sovereignty and domestic laws and regulations of each other to provide an institutional guarantee for cross-border stock and bond issuance, and to advance the interconnection of capital markets between the two countries. The Chinese side welcomes and supports the issuance of panda bonds by German companies and is willing to provide convenience in audit supervision.

21. Both sides support the communication and cooperation between stock exchanges and financial industry associations of the two countries, to help financial institutions and investors to improve their understanding on the capital markets and regulation rules of each other, in order to create favorable conditions for bilateral cooperation and the sound, steady development of the capital markets in both countries. The two sides support the Asset Management Association of China (AMAC) and its German counterparts to conduct seminars on China's capital market issues.

22. Both sides recognize the value of participation of foreign firms in China’s insurance market to help increase financial inclusion, resilience and tackle demographic change in China. Both sides welcome qualified German insurers to set up wholly-owned insurance holding companies in China, and welcome Chinese insurers and reinsurers to carry out reinsurance business in Germany within the existing legal and regulatory framework. Both sides commit to timely processing of license applications of foreign and national insurance companies in the spirit of pragmatic cooperation and effective market opening. China commits to continued granting of national treatment for foreign insurance companies and a level playing field for domestic and foreign insurance companies. China welcomes qualified German insurance companies to apply for operational licenses in areas they specialized in, and welcomes qualified German insurers to help drive innovation for the benefit of Chinese customers and to extend their business scope in digital insurance areas in China in line with relevant rules and regulations.

23. Both sides welcome and support the establishment and development of the offshore RMB market and local RMB clearing banks in Frankfurt. Both sides also welcome and support the German RMB Qualified Foreign Institutional Investor (RQFII) to enter the Chinese market. Both sides welcome financial institutions to issue RMB bonds in Germany.

24. Both sides support the China Europe International Exchange (CEINEX) to play a positive role as an important platform to promote bilateral financial cooperation and RMB internationalization and China-Germany advanced manufacturing industrial interconnection and cooperation and to support the development of the offshore RMB market in Frankfurt so as to expand the cross-border use of RMB between China and Germany.

Both sides support their respective securities regulatory authorities to work out a bilateral Memorandum of Understanding for the supervisory cooperation on cross-border derivatives so as to support CEINEX to launch China A-Shares index derivatives in Frankfurt. Both sides welcome various German issuers to issue RMB-denominated bonds in CEINEX and welcome Chinese issuers to issue and list stocks and bonds in CEINEX while observing applicable financial reporting standards and supporting financial reporting enforcement.

Both sides welcome Deutsche B?rse Group and Shanghai Stock Exchange to assess the feasibility of listing Depository Receipt (DR) products on their respective markets. China welcomes the qualified German-invested bank in China to apply for the depository business license for Chinese Depository Receipt (CDR).

Both sides welcome the signing of “Memorandum on D-share Project Cooperation” between the Bank of China and CEINEX, supporting Chinese enterprises to be listed in German financial market.

25. Both countries welcome the intensive dialogue and consultation on regulation, and welcome the signing of the “Letter of Intent” between competent Chinese and German authorities. Authorities intend to cooperate closely in order to achieve further progress with regard to the regulatory treatment of the respective banking sectors, with a view towards entering an agreement, which would help to overcome potential impediments concerning market access for bank branches and subsidiaries in the two countries. China expresses its willingness to encourage at least one bank headquartered in China to establish a subsidiary in Germany (Frankfurt/Main) as its European hub.

26. Both sides welcome the significant progress made in strengthening the foundations of green and sustainable finance, especially those made during China’s and Germany’s G20 Presidency. Both sides agree to continue their proactive collaborations in green finance, including devoting efforts for the work under the Central Banks and Supervisors Network for Greening the Financial System (NGFS), encouraging financial institutions to conduct environmental risk analysis and to disclose financial information related to environment and climate according to the Taskforce on Climate Related Financial Disclosures (TCFD) recommendations and relevant G20 framework, as well as promoting the discussion of sustainable infrastructure investment under the G20.

27. Both sides welcome the signing of a Memorandum of Understanding between the central banks of the two countries during the Dialogue, to further enhance cooperation on exchanging economic and financial developments, central bank business, technical support and personnel training.

28. Both sides support their respective securities regulatory authorities to enhance communication, and deepen their cooperation mechanism on securities and futures market supervision through a Memorandum of Understanding on regulatory cooperation and exchange of information. Financial regulatory authorities of both sides agree to improve cooperation on regulation and cross-border law enforcement, information sharing and emergency response and coordination plans under extreme market circumstances, and will work towards a memorandum on cooperation of cross-border derivatives supervision.

29. Both sides agree to enhance communication and cooperation in the field of financial technology.

30. The Chinese side welcomes more qualified German institutions to join the RMB cross-border payment system (CIPS) for cross-border RMB clearing and settlement business. The Chinese side welcomes capable and willing German-funded enterprises to enter the Chinese payment service market on a nationwide scale to enhance the overall strength of the industry.

31. Both sides agreed to continue to maintain close and trustful cooperation under the framework of the Financial Action Task Force (FATF) while seeking to support each other in the FATF context whenever possible. Both sides will work to promote the establishment of a bilateral anti-money laundering and counter-terrorism financing cooperation in relation to their respective Financial Intelligence Units, subject to an appropriate legal framework. Both sides look forward to explore further ways of intensifying their collaboration, for instance through regular consultations and working visits.

32. China welcomes qualified German banks to apply to become a primary dealer in the open market operations of the People's Bank of China.

33. The Chinese side welcomes qualified German financial institutions in China to apply for the panda bond lead underwriting license and the Fund Custodian License. China’s National Association of Financial Market Institutional Investors (NAFMII) will launch a new round of market-based evaluation of bond underwriting qualifications, and NAFMII will positively consider German banks' application in this process in accordance with the Chinese procedures and standards.

34. China expresses its willingness to improve the business and regulatory environment for market access in the financial sector, for instance the provision of the minimum amount of RMB time deposit that a foreign bank branch may receive for each time from the Chinese citizens within the territory of China. In line with deepening the opening-up of financial sectors, China is willing to continue to review the current legal and regulatory framework and make proper amendment and adjustment where necessary, with an aim to foster safe and sound operations for foreign financial institutions in China.