Germany's President Tells China: No One-Sided Benefits in Economic Ties

Germany

Germany's President Frank-Walter Steinmeier has urged China not to build its economic independence at other countries' expense, warning that Beijing's push for self-sufficiency must not create one-sided dependence in other markets. Speaking at Peking University in Beijing on Thursday, October 29, Steinmeier said it was understandable that China wants to protect its economy against shocks, but stressed that greater independence for China must not mean vulnerability for everyone else.

The German president, who is on a five-day visit to China and meets President Xi Jinping on Friday, was pointing to a trade imbalance that has frustrated Europe for years. The European Union has called its widening trade deficit with China unsustainable and warned it will use every tool available to fix it. European firms say they face restricted access to the Chinese market, while Europe receives large volumes of state-subsidised Chinese imports alongside Beijing's controls on raw material exports.

Steinmeier said Europe was determined to keep its industrial base, but added that he was confident Brussels and Beijing could find solutions through dialogue. 'We do not want a new bloc confrontation,' he said, warning that such a split would be dangerous for international security and an economic loss for everyone. Germany, along with France, has also proposed a new rapid-action EU measure against countries that harm the bloc, with China likely in focus.

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