German Finance Minister Arrives in Beijing, to Attend Sino-German Senior-Level Financial and Economic Dialogue
German Vice Chancellor and Finance Minister Lars Schlintz arrived in Beijing on the 17th, becoming the first minister-level official from the new German government to visit China. He will attend the fourth Sino-German Senior-Level Financial and Economic Dialogue held in Beijing, and plans to visit Shanghai afterward to meet with representatives of German family enterprises.
According to Reuters, German officials emphasized that Klinbail's trip will discuss major trade issues, such as China's restrictions on rare earths. A source from the German Ministry of Finance stated that the relevant positions had been coordinated with EU trade officials beforehand, as Germany, as an EU member state, needs to operate its trade policy within the EU framework.
The fourth Sino-German Senior-Level Financial and Economic Dialogue will be held in Beijing on the 17th. This mechanism was established in 2015, providing a platform for the German Finance Minister to meet with senior Chinese officials responsible for finance.
In recent weeks, China's restrictions on rare earth trade, as well as the dispute between Beijing and the Netherlands over the export of Amphenol, have become significant warnings for Europe. In Germany, political figures have called for a comprehensive re-evaluation of China policy, with some criticizing the previous Social Democratic Party-led government for allowing Germany to become overly dependent on China in industrial export markets and critical raw material supplies.
With the Trump administration continuing to push forward tariff policies, a large amount of Chinese exports have been forced to "divert" from the US market to Europe, making Germany one of the main pressure points. This shift trend has directly increased Germany's trade deficit with China, reaching an unprecedented level this year.
Official data show that China has overtaken the United States in the first eight months of this year to become Germany's largest trading partner. The German Trade and Investment Agency expects Germany's trade deficit with China to expand to a historical high of 87 billion euros this year - reflecting increasingly deepening imbalances in bilateral trade structures.
In January to August this year, Germany's exports to China fell by 13.5%, while imports rose by 8.3%. This rise and fall reveals structural problems in Germany's long-term reliance on the Chinese market and supply chains.
These background factors are also the practical reasons for Germany's current efforts to strengthen communication with China and urgently restart bilateral dialogue. Berlin hopes to prevent further expansion of trade imbalances through diplomatic channels and maintain predictability in key supply chains.
Source: sputniknews
Original: www.toutiao.com/article/1849008345365504/
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