CNN: ‘China has changed.’ Germany unveils strategy to cut reliance on world’s no. 2 economy
London/Berlin CNN — Germany announced Thursday that it would reduce its dependence on China in “critical sectors” including medicine, lithium batteries used in electric cars and elements essential to chipmaking.
The government published its first ever “Strategy on China,” a 40-page document that highlights the tightrope Berlin must walk in managing its dependence on the world’s second-largest economy amid growing criticism of Beijing’s human rights record and attitude towards international law.
China is Germany’s most important trading partner, with imports and exports between the two nations reaching nearly €300 billion ($335 billion) in 2022, according to the government.
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WNU Editor: Trade between China and Germany is a massive $335 billion per year (link here). German industries and consumers are dependent on cheap and reliable Chinese products. Decoupling away from this trade is not only going to be very costly to China, but doubly so for Germany.
Update: Beijing has responded .... Chinese FM urges Germany to formulate rational, pragmatic China policies (Global Times). More here .... China criticizes German call for reducing dependency on Chinese products as ‘protectionism’ (The Hill).
Update #2: The German report on shifting its economy away from China is here .... Strategy on China of the Government of the Federal Republic of Germany.
Germany Has Decided To Shift Economically Away From China
Germany’s new China strategy shifts to de-risking -- SCMP
Germany urges companies to ‘de-risk’ from China, emphasizes it is not seeking a decoupling -- CNBC
Germany will adopt China strategy to reduce reliance on Beijing -- Politico.eu
Factbox: Germany unveils strategy on China, trade partner and rival -- Reuters
China policy: Germany outlines new 'not naive' approach -- DW
Germany unveils new policy to deal with more ‘assertive’ China -- Al Jazeera
Germany just unveiled its first ever China strategy -- Quartz
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