Financial experts call for China-Germany cooperation, warn against protectionism

FRANKFURT, Nov. 18 (Xinhua) -- China and Germany should join forces to tackle the challenges facing the global economy, which is threatened by fragmentation, experts said Monday at the 10th China Day event within the framework of the 27th Euro Finance Week.

The Euro Finance Week, one of Europe's largest platform for the financial industry, is held annually in November, with the China Day specifically focused on exploring cooperation opportunities in finance, economy and trade between China and Europe, Germany in particular.

Sabine Mauderer, vice president of Deutsche Bundesbank, warned against protectionism, saying it hinders growth and is especially harmful during a time when the global economy is already suffering from supply chain disruptions.

"A fragmentation of the global economy has no winners," she stressed.

Mauderer also pointed out that while companies in China and Germany are both business partners and competitors, it is essential for the two sides to find a way to ensure that competition remains fair and mutually beneficial. "By combining our strengths, we can create a sustainable and successful future together," she said.

Meanwhile, Chinese Consul General in Frankfurt Huang Yiyang highlighted the importance of cooperation between the world's second and third largest economies, saying they should join hands to inject stability and positive energy into the world economy, which is undergoing profound changes.

Both countries have paid high attention to green development, social welfare, free trade and economic globalization and the similarities should continue to play a pivotal role in the success of their economic and trade cooperation despite changing external circumstances, said Huang.

In addition, Huang said China-Germany cooperation does not have to be limited to bilateral level and both countries, with their respective expertise, can explore third-country markets together.

Moreover, Hua Yuan, vice mayor of Shanghai, said that the China Day event, which featured dialogues and conferences attended by representatives from the financial industries of both Europe and China, underscored the European financial sector's growing recognition of the Chinese market and China's economic development,

At Euro Finance Week, the Frankfurt Branch of Bank of China won a special award for its outstanding contributions to the financial hub Frankfurt and its excellent Renminbi services in Germany.

Since opening in 1989 as the first branch in Germany, the bank has been expanding and optimizing its institutional layout and services, aimed at facilitating the economic and trade cooperation between China and Germany, said Zhang Xiaodong, executive vice president at Bank of China.