China and Germany agreed to strengthen economic cooperation and open up financial markets to spur economic growth and counter global challenges after resuming high-level talks in Frankfurt on Sunday.
Both sides agreed to strengthen policy coordination and defend global financial security and global trade rules, according to a statement published by the Chinese finance ministry after the talks between vice-premier He Lifeng and German Finance Minister Christian Lindner.
The statement said they also agreed to "ensure smooth supply chains" without providing further details.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
The talks came at a time when the two countries are struggling to manage the risk of economic downturn and follows the publication of a German plan to "de-risk" its relationship with China by reducing its reliance on goods produced in the country.
"China is ready to work with Germany... to deepen mutual benefit and win-win cooperation so as to inject more positivity in the China-German comprehensive strategic partnership," He said, according to state agency Xinhua.
The talks were the first China-Germany high-level financial dialogue to be held in four years as a result of the Covid-19 pandemic and come as Berlin is reassessing the relationship.
Last week, China's ambassador urged Germany and Europe to be more open to Chinese electric vehicles and 5G technology.
At a National Day event in Berlin on Thursday to mark the 74th anniversary of the founding of the People's Republic, Wu Ken said China was willing to deepen cooperation with Europe and Germany on the basis of mutual benefit.
"We hope Europe will show more openness and self-confidence on the issue of electric vehicles and Huawei's 5G technology," Wu said.
He was responding to reports that Germany's Interior Ministry is planning to force local telecoms operators to rid their networks of Chinese-supplied critical components by 2026, including parts supplied by Huawei Technologies and ZTE Corporation.
The European Commission also launched an anti-subsidy probe last month into China's electric vehicle exports.
In their last round of talks in January 2019, both sides 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.