The German economy is dependent on China. According to a report, the Ministry of Economy now wants to change that. There are already concrete recommendations.
According to the plans of the Federal Ministry of Economy, the German economy should become much more independent from China – this should be ensured by more stringent measures.
As “The Pioneer” news portal reported on Thursday, an article from the economics department suggests, among other things, that German-Chinese projects should no longer be politically encircled.
In addition, Chinese companies will be excluded from critical infrastructure orders. China’s status as a developing country in financing should be abolished. The Ministry of Economy initially did not want to comment on the request.
Separate reporting obligations may be imposed on German companies that are particularly exposed in China. From 2023, China should not be given development loans, bilateral projects should only be carried out with “sufficient Chinese financial contributions (at least 50 percent)”, “Pioneer” quotes the article of the officials of the Minister of Economy, Robert Habeck (Greens), which is in the federal government, not yet decided .
The automobile industry is particularly dependent on China.
China plays an important role in the German economy. Habeck has already taken a new Chinese route as a lesson from Russia’s attack on Ukraine. With investment guarantees, German foreign investment will increasingly be directed to markets outside of China. Habeck has recently campaigned in Singapore for German companies to invest more in other regions.
According to the portal, the article from the economics department criticizes the emergence of “cluster risks” in individual industries, that is, unlikely without the Chinese market. The automotive industry mentioned will be hydrogen technologies, electric mobility, carbon sequestration and renewable energies.
I am Ben Stock, a highly experienced professional with over 7 years of experience in the news industry. I specialize in market section writing and have published numerous high-quality articles on various topics under my name. My passion for journalism has helped me to develop an in-depth understanding of the industry, enabling me to stay up-to-date on all the latest trends and developments.