China, German promise closer financial cooperation

China, Germany promise to open markets wider to each other's banks and insurers in rare victory for Beijing amid tension with Washington

China has tried without success to recruit Germany as an ally in its tariff war with Trump but Berlin has expressed support for global free trade.

The two sides signed agreements to cooperate more closely on financial regulation. They included no commercial commitments, but Liu said Beijing welcomed German financial institutions to play a bigger role in China.