September 22, 2023 3:59 am

Germany’s first-ever China strategy implemented in major decision — RT Business News

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The German government has released a new “Strategy on China” that focuses on reducing trade reliance on China. This marks a significant shift in Germany’s approach to its largest economic partner, which it now considers a “systemic rival.” The strategy, which was published on the Foreign Office webpage, highlights the evolving nature of China’s economic policy and the need for Germany to adapt accordingly.

According to the document, China has made efforts to become less dependent on other countries while simultaneously making other nations more reliant on its economy. With China’s strong economic growth in recent decades, the strategy recognizes the importance of Germany reducing its risks associated with its trade relationship with China. This is referred to as “de-risking,” and while Germany is not seeking to completely sever ties with Beijing, it deems it necessary to urgently address this issue.

An example cited in the strategy is Germany’s past dependence on Russia as its main energy supplier. Germany aims to avoid a similar situation in other critical areas such as the energy transition and technological innovation. The document emphasizes the urgency of reducing these risks at a cost acceptable to the German economy.

The strategy also highlights Germany’s dependency on China in various sectors, including metals, rare-earth elements, medical technology, pharmaceuticals, information technology, and semiconductor production. To mitigate risks, Germany intends to expand its own technological capacity and diversify its supply chains. The document describes “de-risking” as a supplement to Germany’s openness in its political, economic, and social systems.

It is worth noting that China is Germany’s largest trading partner, with bilateral trade reaching a record €300 billion ($337 billion) in 2022. Despite listing China as a “partner, competitor, and systemic rival,” Germany plans to strengthen cooperation with China in areas like climate change mitigation, food security, and resolving international debt crises.

This strategy is part of Germany’s broader efforts to recalibrate its relationship with China. It reflects a growing sentiment among Western countries, including the United States, that China’s economic rise needs to be approached with caution and a more strategic mindset. Germany’s strategy on China aligns with international concerns about supply chain vulnerabilities and the need to reduce dependence on a single economic partner.

As Germany navigates this new approach, it will be interesting to observe how these changes may impact the global economic landscape and whether other countries will follow suit in reassessing their economic relationship with China.

In conclusion, Germany has unveiled a new strategy on China that focuses on reducing trade reliance and mitigating risks associated with the country’s economic influence. This strategy highlights the evolving nature of China’s economic policy and the need for Germany to adapt accordingly. While Germany aims to strengthen cooperation in various areas, it also recognizes the importance of diversifying supply chains and expanding technological capacity. This marks a significant shift and reflects broader concerns about supply chain vulnerabilities and the need for a more strategic approach to economic partnerships.

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Original Source: Germany’s first-ever China strategy implemented in major decision — RT Business News

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