German President Frank-Walter Steinmeier urged China on Thursday to avoid creating one-sided dependence in other markets as it pursues economic self-sufficiency. Speaking at Peking University, Steinmeier highlighted the widening trade imbalance between Europe and China, which he called unsustainable.
Germany and the EU are seeking to rebalance economic ties with China to ensure fairer trade practices and protect European industrial bases.
German President Frank-Walter Steinmeier urged China on Thursday to avoid creating one-sided dependence in other markets as it pursues economic self-sufficiency. Speaking at Peking University, Steinmeier highlighted the widening trade imbalance between Europe and China, which he called unsustainable.
Steinmeier, who is scheduled to meet with Chinese President Xi Jinping on Friday, stated that China's pursuit of greater independence must not lead to the dependence and vulnerability of others on China. He noted that European companies have limited access to the Chinese market, while European markets face large amounts of state-subsidised Chinese imports and Beijing's controls on raw materials exports.
The German president expressed confidence that dialogue between Brussels and Beijing would lead to solutions, emphasizing Europe's determination to maintain its industrial base and warning against a new bloc confrontation.
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