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23.06.2023 09:43
The Green Economics Minister is slowing down the important China business of German companies.
Economics Minister Habeck slows down the important German China business. (Photo: dpa)
Photo: Wolfgang Kumm
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According to a media report, the Federal Ministry of Economics led by Robert Habeck (Greens) has reduced liability for investments by German companies in China by around five billion euros since taking office. The mirror reported on Thursday evening, citing an internal template from the ministry.
Accordingly, Habeck’s officials have in four cases rejected new applications from German companies for their investments in China in the amount of 101 million euros. The same applies to four extension applications worth 554 million euros.
According to the report, new applications with a volume of four billion euros were not even accepted for decision. In addition, the ministry has postponed applications for extensions of 282 million euros because the companies had possible business relationships in Xinjiang Province.
Accordingly, the number of newly approved applications for government guarantees in China deals fell to nine last year from the previous 37 (in 2013), the magazine reports. Only five permits have been granted this year, according to the report. The total of guarantees approved since Habeck took office amounted to almost 780 million euros, plus extended approvals for investment guarantees with a volume of 1.1 billion euros.
Last year, Habeck completed a course change in German-Chinese economic policy. The government does not want the German economy to be decoupled from China, but it does want de-risking, i.e. risk minimization.
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