Germany’s Foreign Minister Warns Companies Against China Dependencies



Germany’s Foreign Minister Warns Companies Against China Dependencies
Annalena Baerbock, German Foreign Minister

Germany’s Foreign Minister Warns Companies Against China Dependencies

German Foreign Minister Annalena Baerbock warned German companies to avoid one-sided dependencies on Chinese buyers or suppliers and to reduce such dependencies where they exist.

Germany must focus more on its economic security and avoid the risk of being overly reliant on China, Baerbock said at an event in Berlin on Thursday following the release of the German government’s new 61-page China strategy.

“And that means, above all, minimizing cluster risks that affect not only individual companies but an entire economy.

“Therefore, companies that are highly dependent on the Chinese market will have to bear more of the financial risk themselves in the future,” the foreign minister said.

Baerbock insisted that Germany’s policy toward China must change as China itself changes.

“For Germany, China remains a partner, a competitor, a systemic rival. But the aspect of systemic rivalry has come more and more to the fore in recent years,” she added.

Germany is investing in other global partnerships in order to become less reliant on China, she maintained, citing new raw materials partnerships in Africa, Latin America, and the Indo-Pacific region as examples.

Nonetheless, she said, Germany also wants to further expand its cooperation with China – “because we need it.”

Baerbock pointed in particular to the global fight against climate change.

The world’s second-largest economy is responsible for almost a third of global CO2 emissions but is also rapidly developing renewable energy sources and now produces more solar energy than the rest of the world combined.

“It is clear that without China we will neither succeed in effectively containing the climate crisis nor in achieving more fair prosperity in the world,” said Baerbock. #Germany’s Foreign Minister Warns Companies Against China Dependencies#

PTAD Explains Reasons for Staggering Pension Online Verification

Subscribe to our magazine

━ more like this

AFCON 2023 Countdown: Cote d’Ivoire may turn back some Nigerians over travel passports

BY KUNLE SOLAJA. Nigerians holding the ECOWAS Travel Certificates and going for the Africa Cup of Nations next month are certain...

Namibia trainer Benjamin names list of 28 players

Namibia will make its fourth African Cup of Nations appearance Coach Collin Benjamin has called up 28 players The Brave Warriors...

Guinea coach Diawara names 25-man squad for AFCON

Guinea will be making its 13th  African Cup of Nations appearance Coach Kaba Diawara has called up 25 players Syli National...

Mozambique coach Conde announces 23-man squad

Mozambique will make their fifth  African Cup of Nations appearance Coach Chiquinho Condé has called up 23 players The Mambas placed...

Osimhen extends contract with Napoli till 2026

Nigerian international forward Victor Osimhen has signed a contract extension with Napoli until 2026, the Serie A champions announced on Saturday....


Please enter your comment!
Please enter your name here