German economy minister must deal with China cautiously

© Reuters. FILE PHOTO: German Economy and Climate Minister Robert Habeck speaks in Berlin, Germany, November 9, 2022. REUTERS/Michele Tantussi/File Photo

BERLIN (Reuters) – No one is suggesting Germany should stop trading with China, but Beijing’s investments in key sectors must be closely examined, German Economy Minister Robert Habeck said on Thursday. Private.

“There is no objection to continuing to maintain economic relations with China,” Habeck said at a conference organized by the Sueddeutsche Zeitung newspaper in Berlin.

“The German economy can’t say goodbye to it at all right now, but it’s all against you to close your eyes and hope the situation doesn’t turn tough.”

“That means that in critical sectors of our economy, we must assess and prohibit the strategic impact of important investments,” Habeck said.

Germany is looking to reduce its dependence on Beijing and is developing a new strategy on China, but this can be a daunting task given the deep trade ties between Europe’s largest economies. and Asia.

Habeck said Europe was also working to resolve a trade dispute with the United States after Washington passed the Inflation Reduction Act, which he said could be detrimental to European companies and lure investment out of the country. mainland, adding that the dispute must be resolved in the coming weeks.

The Minister said that, from the European point of view, this Act violates the rules of the World Trade Organization and cannot be accepted in the long term.

“What does this mean for Europe? We have to act faster and more decisively. It’s not about money at all… it’s that we’re spending too slowly,” he said. more.

Earlier this year, Germany set aside 200 billion euros ($207 billion) to finance industrial change between now and 2026, including climate protection, hydrogen technology and the expansion of electric vehicle charging networks.

($1 = 0.9651 euros)


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