China and Germany agreed on March 17 to strengthen macro-economic policy coordination and develop pragmatic financial cooperation during their first-ever high-level financial dialogue.

Vice-Premier Ma Kai represented China at the dialogue. He said the gathering was established after leaders from both countries met during President Xi Jinping’s visit to Germany last year.

Ma said the main task of the dialogue was to implement agreements reached by leaders of the two countries.

Meanwhile, German Finance Minister Wolfgang Schaeuble and Deutsche Bundesbank President Jens Weidmann said that Germany and China have been working well together in the financial arena.

Both countries said the dialogue will help avoid risks in the important financial area, and promote bilateral relations.

Germany also announced at the dialogue that it intends to join the Asian Infrastructure Investment Bank as a founding member. Schaeuble said that Germany wants to help the bank build a strong international reputation.

“We want to contribute our long-time experiences with international financial organizations to the creation of the bank, and through good standards, we want to assist in making this bank receive a high international reputation,” Schaeuble said.