World Economy
0

Germany Seeks Broader Opening of Chinese Market

Germany Seeks Broader Opening of Chinese MarketGermany Seeks Broader Opening of Chinese Market

Confronted with declining exports to European Union (EU) nations and reduced exports to Russia due to sanctions, the German government is pushing for an expansion of trade with China. The demand for further market liberalization is at the center of this drive.

On October 10, the third round of German-Chinese government consultations took place in Berlin. Chinese President Li Keqiang attended alongside 14 government department heads and 130 businesspeople. He held discussions with Angela Merkel’s government, including 12 ministers.

At the same time, the German-Chinese forum for economic and technological cooperation met in Berlin. Some 500 executives from the two countries’ industrial, trade and banking sectors participated. The following day, the Chinese delegation met with some 600 economists, politicians and representatives from academia at the “Hamburg Summit: China Meets Europe,” where economic relations between the two regions were discussed.

Since 2009, China has risen to become Germany’s third largest trading partner, behind France and the Netherlands and ahead of the US and Britain. Trade between Germany and China has increased five-fold since 2000. In 2013, it reached €141 billion ($178.6b), and in 2015 it is expected to increase by a further 43 percent and reach €200 billion. China could become Germany’s most important trading partner as a result.

Financialtribune.com