after a 4 year break, german and chinese officials held their 3rd financial dialogue during the meeting in berlin. germany pushed for a super cool access for financial institutions. having in mind, of course, many german banks and insurance companies, which have long been i a stronger presence on china, a huge consumer market. after months of economic tug of war, smiles and a hand showed a pledge to deepen cooperation between berlin and beijing desire. both sides determined to expend market access opportunities and open them up in the sense of a level playing field. this creates opportunities on both sides from more responsible trade and investment. i'm the one invest gets you on the joint statement, dampens months of mounting tensions. fueled by calls from germany and the e. u to reduce economic dependence on china. both sides belief that the economic cooperation can lead to

a win win situation. both sides stress to work together to maintain the stability and security of global supply chains. and to take some stand against the coupling. germany also welcome to debt restructuring framework from china. that would make it easier for heavily indebted countries to pay the big credit or back. and german finance ministers exist generally not proposed at the country speak about financial matters annually. instead of every 2 years. a cone and dw business china analyst is here to talk some more about this. clifford, why do german financial firms want more access to china? well, what we've seen with german farms in china is they have great success with the car industry with manufacturing. now we've got the financial services sector and it's a bit like the holy grail. in some ways it got 1400000000 people. that's a lot of pension plans as a lot of saving plans, a lot of financial products. so german firms are very keen to get a piece of that,

i think, and how likely is it that drummond bank statements, insurance companies will get more china business? but again, i think if we look back at the presidents for german and firms, they've got access. but then they've also suffered from, from various issues such as technology transfer and in somebody's being muffled by domestic firms. and that could very easily help them with financial products. it's very easy to see technology transfer when it comes to making a car, but you can do the same thing with a pension plan. and it could be that chinese firms actually step in, eventually where the german firms are currently doing. and so there's always a risk there. i wonder how these negotiations tie in with the german government's china strategy, which is unveiled a couple of weeks ago, which costs are much more scrutiny when it comes to the china exposure of german companies. yeah, i think i think the attitude isn't as, as, as old embracing as it was before. i think jeremy's, we considering it's looking for a sort of that it's probably won't go for d. coupling it is, it is becoming more reserved and it's approach to,

to china. so i think at the moment you're seeing germany is trying to pay things in, in both ways and some ways the one's more access, but it doesn't want the same level of engagement that it had previously. so it's quite a balancing act at the moment. i think for germany in china relations, clifford conan dw business china analyst, clifford as always, thank and now to some of the other global business stories making news, indonesia as launching south east asia as 1st high speed. the railway the chinese made bullet train will travel between the capitol jakarta and the job and city of band dung. turning what used to be a 3 hour journey into a 45 minute drive. train named bush cost more than $7000000000.00 to build with funding coming from china as belt and road initiative. arizona manufacturing exhibit in september remain stuck in a deep and broad base downturn, according to the h. c o. b purchasing managers index. alice said it was a sign that the manufacturing recession continued. meanwhile, a u. k. manufacturing survey showed that activity also continued to slow sharply

and september. it is ongoing now where a number of restaurant companies are facing taxes and post by the government, which they say they're competitors don't. the claims are in line with findings of the problem is budgetary control. committee secures as prime minister victo or bonds. government of the section trickery and concealment substantiating a 47 page report why the european union is withholding 50000000000 euros in development funds. irish budget carrier, ryan air has reduced flights to hungary. a special tax on seats was too much for the airline. it increased flights to vienna instead, but each mobile parade to avoid a phone has also given up on hungary, telecoms from sold its subsidiary in the country to an oligarchy. i'm the hon. gary and government. after the letter implemented a special tax. increasingly, for in firms of finding it harder to operate in some sectors and hunger is prime

minister clicked a whole bunch on his government are responsible, says the problem and to reopen the session. so so in many cases we already saw that all the guards and friends of the prime minister and friends of the government. they take over companies by force, either by taxing them and uh, and then uh, just buying them for cheap because they can stay on the market or using other method method. monica whole maya and other members of the european parliament recently met with members of the hon. gary and government and also spoke with the opposition managers and business representatives. they got to hear how only foreign companies from germany, austria and funds targeted with taxes in the construction industry. a complex combination of taxes and production quantities export restrictions on the mining levy makes operating and hungry unprofitable. and hon gary and all the gods take

over operations at a discount. once the firms decide to exit the market, it's in c s t c. these are very subtle, very intelligently chosen methods to drive companies to ruin and to force them to sell for a song even of the mostly not hon, gary and angle. but european companies from new member states using small or even hon. gary and companies operated by people who aren't close to the government and so and then i'll put on the i applies to for kaufman at home. i it says point supermarket chains also subject to special taxes and duties. according to her, the open administration sits prices, which manipulates the markets and lowes are changed over night when they want to name and the companies have said that they were visited by intelligence. they are overwhelmed with hundreds of inspections that they get completely up through the

requirements. and each time when one of the background one gets the impression that once again, a friendly oligarch benefit is that every sector is affected. large german auto plants and hungry have been left alone. none of the firms in the targeted sectors agreed to an interview. and the organ administration hasn't responded to our request about the allegations. but the e u is taking action. it is withholding 50000000000 euros and funds for hungary because of what is considered some violations to the ruled low and democratic norms . the commission and the york and parliament think o 4 and companies receive equal treatment in hungary. and i hope that the hunger in government is doing everything in their power to fulfill those conditions as fast as possible. until that is, is not the case. then the money that is currently frozen should remain frozen. but with the open administration unlikely to change course, and it's

a nationalist economic policies anytime soon. no. and appears to be inside for the route between brussels and budapest. from orland, spring and richard, grievous and deputy are the deputy director of the vienna institute for international economic studies. welcome to w. how big a problem is this? i think it's okay with economy, which has for a long time now be quite reliance on our direct investment platform. investors figured really big role in driving or typically and ultimately economic growth. if we see a big change in invest the perceptions towards hungry, it could really be possible for me to come to an extent it's something we see already hungry has been on the quote quite well the economies to quite well to look and see some gears. but it has really slowed down, and a lot of fun to do is to do with, with the screen with us. and we hope withholding of the funds, which are important as well, hoping to listen to all of these institutional la floor questions. we see this,

your letter, the hungry guy with the economy is actually one that was performing whole reach me and why tell us again, is the hon gary and government, increasing pressure on these are the for and or for and run a companies use it to, to drive them out of the market and do then again, forcing them to sell to other investors who are close to their own gary and government in a way it fits a part of something that we see more or less than since 2010 where the government has companies have the state of intention to decrease the foreign ownership increases domestic ownership instead of industries at the start of the 2010. so it was rather possible traded on a couple of industries finance most definitely. and so in a way, we say a continuation of backwards and much lower to a move and then now clearly intends to increase the domestic ownership in

a much broader range of industry. so most pizza and, well, this problem persists as long as victor or bond is prime minister, or is there any way out of it? i think this is clear, the cost that's a government that says and what they want from this. i mean, it's not the case that foreign investors are not still hungry and they know what type of shows that are companies hosted, investing and hungry. a few percentage points at o g t p yet. but firstly, the compositions changing and see some of the big investments at the moment that tended to come from, from asia, from western europe, especially possibly production. and also the foreigners, i see this just come into play less and less of an important role in the economy. and so part of the rest investment is a sharp economy. it's about 3 quarters 10 years ago. it's now less on a 60 percent. so the cost seems to be set to i think we can, we can assume it will continue. and as i said, i think the, the phenomena consequences office. i'll probably be going to remain quite negative

richard, grievous and deputy director of the vienna institute for international economic studies. thank and here's a matter of our top story. germany and china resumed their high level financial dialogue after you for your break. both sides agree to strengthen thinking on the cooperation, but germany is still unhappy about the degree of reciprocal market access for its firms in china. and that is our show. i'm chris cockburn. berlin, thanks for watching. how very successful the

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interest. the global economy report, folio dw business b. here's a closer look at the project to analyze the flight for market dominance with d w. business beyond the,

the, the business dw, and use live from bell in the european union and put the money where it's my office on you christ. the box foreign policy chief proposes a 5000000000 euro funding package for keys as top diplomats meet outside the you for the 1st time. also on the program, armenia says the last boss of refugees has deposited the go on a car box leaving almost no one that united nation.