On October 1, 2023, Chinese Vice Premier He Lifeng and German Minister of Finance Christian Lindner co-chaired the third China-Germany High Level Financial Dialogue in Frankfurt. This pivotal meeting highlighted both nations' commitment to strengthening bilateral cooperation and moving away from the notion of economic de-coupling.
Germany's fresh strategy on China, unveiled on July 20, 2023, by the Green Party-led foreign ministry under Annalena Baerbock, has been characterized by a confrontational stance and open critique. Despite this, the recent financial dialogue signifies a more collaborative approach, emphasizing the importance of working together within international frameworks.
The joint statement from the dialogue reiterated the focus on deepening cooperation both bilaterally and multilaterally through institutions such as the UN, IMF, WTO, World Bank, and G20. A key highlight was the inclusion of a common framework for restructuring government debt, signaling a mutual interest in addressing global financial challenges.
Minister Lindner underscored that viable global financial solutions are unattainable without China's active participation. He emphasized that Germany is opposed to de-coupling and the formation of exclusive political blocs reminiscent of the Cold War era. Germany remains steadfast in its refusal to force itself or other nations into choosing one side exclusively.
The dialogue also stressed the importance of fair and equitable cooperation on a level playing field. The frequent mention of a \"rules-based international order\" in Germany's China strategy raises questions about the origins and current relevance of these rules, prompting discussions on their adaptability to todayâs global power dynamics.
Furthermore, the High Level Financial Dialogue provided clarity for the financial and insurance sectors, ensuring that both countries can navigate the complexities of international finance together. Notably, this negotiation was spearheaded solely by the Ministry of Finance under the Free Democratic Party's leadership, contrasting with the internally negotiated China Strategy that involved multiple German political parties.
Overall, the China-Germany Financial Dialogue marks a significant step towards enhanced economic partnership and a collective stance against divisive economic policies, fostering a more integrated and cooperative global financial environment.
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The China-Germany Financial Dialogue is the opposite of de-coupling
cgtn.com
