US EditionGerman finance minister lands in Beijing as trade gulf widens, supply chains wobble
Germany faces a record €87 billion trade deficit with China, with talks focusing on rare earths, chips, and reducing Chinese overcapacity in key sectors, officials said.
- On Monday, Lars Klingbeil, Vice‑Chancellor and Finance Minister, became the first high-level visitor from the current Merz‑led coalition government to travel to China to hold talks in Beijing.
- Because German exports have fallen and imports risen, Germany faces a record 87 billion trade deficit with China, according to a forecast by Germany Trade & Invest.
- At the fourth China‑Germany High‑Level Financial Dialogue, the sides pledged to strengthen economic and financial cooperation and identified 27 points of consensus in Beijing.
- Klingbeil argued that securing raw materials and addressing overcapacity is vital, saying access to critical materials and reducing Chinese overcapacity in steel and electric mobility support German economy and jobs.
- With China now Berlin's largest trading partner, German Foreign Minister Johann Wadephul postponed a visit last month after accusing Beijing of aggressive actions, while officials seek dialogue despite growing international tensions.
44 Articles
44 Articles
German Finance Minister Lars Klingbeil, who visited Beijing, echoed European concerns about China's decision to restrict exports of rare earth minerals. Chinese officials say the decision with Berlin is to develop economic cooperation and end trade tensions.
Federal Finance Minister Klingbeil (SPD) must comply with strict safety regulations on his trip to China – and renounce his own mobile phone.
The Minister of Finance is the first top representative of the Federal Government to visit Beijing. Much has not improved since Foreign Minister Wadephul's refusal to travel. At least the tone has become more pragmatic.
Klingbeil is received by top representatives of the Communist Party. German Foreign Minister Johann Wadephul, on the other hand, had to cancel his trip to China in October due to a lack of interlocutors.
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