Germany urges companies to 'de-risk' from China, emphasizes it is not seeking a decoupling
German Chancellor Olaf Scholz (R) and China's Premier Li Qiang address a press conference at the end of German-Chinese economy consultations on June 20, 2023 at the Chancellery in Berlin.
Germany said there is an urgent need for companies to de-risk from China, while "not pursuing a decoupling" of economies.
"For Germany, China remains a partner, a competitor, a systemic rival. But the aspect of systemic rivalry has become increasingly prominent in recent years," Germany's foreign minister Annalena Baerbock said Thursday at the Mercator Institute for China Studies think tank in Berlin, according to a translation from DW, a German newspaper.
The minister was presenting the country's strategy on China and explaining how the country plans to protect its interests.
"China's economic strategy aims to make it less dependent on other countries, while making international production chains more dependent on China," the foreign ministry said in a 64-page report published Thursday.
Last week, China slapped export curbs on two key chipmaking metals, in what was deemed a warning to Europe and the U.S. in a technological war over high-tech chips.
"In terms of foreign policy, China is pursuing its own interests far more assertively and is attempting in various ways to reshape the existing rules‑ based international order. This is having an impact on European and global security," the report said.
Source: CNBC
