China and Germany have signed agreements to strengthen cooperation in the finance and insurance markets, as well as further opening up their markets to each other.

The agreements were signed during German finance minister Olaf Scholz’s two-day visit to Beijing last week, where he met vice premier Liu He, the top economic adviser to Chinese President Xi Jinping.

The two countries issued a joint statement that “they will strengthen macroeconomic policy coordination and pragmatic cooperation in the fiscal and financial fields and expand strategic cooperation.”

According to the agreement, German insurers can establish wholly-owned insurance operations in China, while Chinese players are welcome to conduct reinsurance business in German; last November Allianz was given permission by the China Banking & Insurance Regulatory Commission to launch a wholly-owned insurer in China this year.

The statement said: “China commits to continued granting of national treatment for foreign insurance companies and a level playing field for domestic and foreign insurance companies.”

Both nations will identify areas of collaboration between China’s One Belt One Road initiative and the European Union’s strategy for linking Europe and Asia, including joint infrastructure planning.

Scholz said: “I’m very happy that we have succeeded in agreeing concrete, very concrete steps today. There must be a level playing field, reciprocity is the key.”

Liu commented: “The two sides conducted in-depth, pragmatic, efficient and fruitful discussions, and formed a series of fruitful results and consensus.”

At the time of the Allianz agreement, Oliver Bate, chairman and chief executive of Allianz Group, said, “Allianz is proud to be the first foreign insurer to commence the establishment of a holding company in China — a significant milestone for us to expand our presence in this strategic market.”

“[This] follows the positive long-term cooperation between China and Germany, allowing our Chinese and international clients to be able to enjoy Allianz’s comprehensive financial and risk management solutions and services, and benefit from the continued growth and liberalisation of China’s financial markets.”