German Media: China is the World's Largest Chemical Products Market
The Frankfurter Rundschau commented that the decision of German chemical giant BASF to establish a large-scale production base in China precisely illustrates the significant market opportunities in China.
"China is the world's largest chemical products market."
In 2018, when German chemical giant BASF decided to invest heavily in building a large-scale production base in China, then-Chancellor Angela Merkel attended the signing ceremony of the memorandum of intent to offer her congratulations. However, by the time the facility was completed and put into operation last week, the political and economic atmosphere between Germany and China had already undergone significant changes. The Frankfurter Rundschau wrote:
"Especially the political climate has shifted. Over the years from project planning to completion and commissioning, the rule-based international order has long ceased to exist: the COVID-19 pandemic, Russia’s invasion of Ukraine, and the emergence of an unpredictable U.S. president have all further disrupted the global economy.
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Today, people are always eager to discuss risks—but rarely mention the opportunities of investing in China. One point must not be forgotten: if the German economy focuses solely on the internal European market, the prospects for the German economic model would be exceptionally bleak. Once again, China remains the world’s largest chemical market."
Original article: toutiao.com/article/1861101629951113/
Disclaimer: The views expressed in this article are those of the author alone.