Germany welcomes China’s support for the G20 debt restructuring framework.

In a joint statement following their financial discussion in Frankfurt over the weekend, China expressed support for the G20’s debt restructuring mechanism for poorer nations, which Germany warmly received.

After he meets with Chinese Vice Premier He Lifeng on Sunday, German Finance Minister Christian Lindner said: “We welcome the fact that the Chinese side is also committed to this in our Joint Statement, because solutions are inconceivable without China as such an important player in world politics.”

Neither of the joint statements gave information regarding the guidelines for the reorganization plans.

According to a source who spoke to Reuters in April, China was anticipated to abandon its demand that multilateral development banks share losses with other creditors in restructurings of sovereign debt for developing countries.

On Sunday, it wasn’t immediately apparent whether that had occurred.

Some nations, like Germany, have suggested that Beijing make concessions to expedite debt restructuring, as China is the main borrower for many heavily indebted nations in Asia and Africa.

Germany and China demonstrated their commitment to enhancing market access prospects during their discussions on Sunday.

On Sunday, German Finance Minister Christian Lindner stated that this “creates opportunities for more responsible trade and investment on both sides.”

The official Xinhua news agency quoted him as saying that China is eager to work with Germany to advance their “mutually beneficial” cooperation and add more “positive energy” to their relationship.

The third financial discussion between Berlin and Beijing was attended by senior officials from the two nations’ central banks and regulatory agencies, as well as business leaders.

For the first time in the Financial Dialogue’s history, Lindner emphasized, “It is important for me to emphasize that we have established a Financial Roundtable with representatives of significant financial institutions and private companies.”

Since both China and Germany want to make progress more quickly, Lindner advocated holding yearly meetings for their financial conversations instead of every two years. According to Lindner, two years is a long time in politics but an eternity in business affairs.

The conference was held in Frankfurt because, according to the finance minister, Germany wants to further develop this city as a financial services center in Europe.