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March July 10, 2018 – 7:10 AM
The agreements, involving German industrial giants, including Siemens, Volkswagen and BASF, come with the two main exporting powers forced into an unlikely alliance to defend open world trade on which At a press conference alongside Chinese Premier Li Keqiang, Chancellor Angela Merkel said: "We both want maintain the rules system of the World Trade Organization. "
million. Li stressed the need to fight protectionism. saying that China needed a stable and peaceful framework to be able to develop further, which was only possible with free trade: "We are against unilateralism – we are in favor of free trade. "
Olaf Scholz agreed with Chinese central bank chief Yi Gang that German banks would quickly gain access to the Chinese financial market, Handelsblatt reported citing sources involved in their interviews. Handelsblatt also quoted these sources as saying that the Chinese government had said that German companies and institutions would soon be able to issue renminbi bonds in China.
Dr. Merkel said he hopes for a Sino-European agreement. "I also hope that Germany and China can help ensure that the world does not end up spoiling a spiral of trade disputes."
European Officials said China is pressuring the EU to publish a strong joint statement against President Donald Trump's trade policy at the meeting.
59003] Mr. Merkel stated that the agreements with China were of "new quality" and that China was a developing country, but also a "very difficult and very ambitious competitor" for China. # 39; Germany.
open up its insurance and bond markets to foreign investors and put in place intellectual property guarantees to ensure that German companies do not fear losing proprietary technologies if they operate there.
German companies and politicians have complained that the reverse. Merkel praised the opening of China's financial markets, but asked Beijing to further open its markets.
Agreements concluded Monday provide that BMW plans to provide 4 billion euros ($ 6.4 billion) of batteries to the Chinese battery manufacturer. Amperex Technology Ltd 300750.SZ (CATL) over the next few years
This comes at a time when there have been warnings that the lack of production capacity in Europe for the cells that power electric cars could leave its industry Exposed automobile and
Berlin has tightened controls on foreign investment last year after a series of takeovers by Chinese firms, but Merkel said that Germany continues to welcome Chinese investment in principle.
The "essential strategic interests" that affect the security of Germany and China are entitled to a "clear and transparent answer" about what is possible and what is not.
The two leaders oa expressed their continued support for the 2015 Nuclear Non-Proliferation Agreement with Iran that was rejected by US President Donald Trump, Mr. Li having warned of "unforeseen consequences" "if the agreement collapsed.
REUTERS
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