China and Germany have promised to open their markets wider to each other’s banks and insurers, giving Beijing a diplomatic victory amid trade tension with Washington and other governments.

The two sides on Friday affirmed support for the global trading system that other governments worry is threatened by President Donald Trump’s “America first” policies.

The announcement followed talks between German Finance Minister Olaf Scholz and China’s economy czar, Vice Premier Liu He.

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.

German Finance Minister Olaf Scholz, left, shakes hands with Chinese Vice Premier Liu He after they witnessed a signing ceremony for the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, left, shakes hands with Chinese Vice Premier Liu He after they witnessed a signing ceremony for the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, and Chinese Vice Premier Liu He, third right in the back, witness a signing ceremony after the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, and Chinese Vice Premier Liu He, third right in the back, witness a signing ceremony after the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, and Chinese Vice Premier Liu He, right, applaud as they witness a signing ceremony after the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, and Chinese Vice Premier Liu He, right, applaud as they witness a signing ceremony after the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, second from left, speaks during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, second from left, speaks during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz and Chinese Vice Premier Liu He and both countries' delegates pose for a group photo before the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz and Chinese Vice Premier Liu He and both countries’ delegates pose for a group photo before the China-Germany High Level Financial Dialogue at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, attends the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He, on the screen, at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, center, attends the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He, on the screen, at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
Screens show German Finance Minister Olaf Scholz speak during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
Screens show German Finance Minister Olaf Scholz speak during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, fourth from left, speaks during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)
German Finance Minister Olaf Scholz, fourth from left, speaks during the China-Germany High Level Financial Dialogue with Chinese Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing, Friday, Jan. (AP Photo/Andy Wong, Pool)

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