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43
Germany Is Just Making Too Much Money in China to Back Away Now (www.bloomberg.com)
submitted 2 months ago by schizoidman@lemmy.zip to c/europe@feddit.org
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https://archive.is/LJpmg

From autos to chemicals, the country’s biggest exporters are ignoring government pleas and pouring billions into new projects that tie their fortunes even closer to the world’s second-largest economy. German corporate investment in China jumped €1.3 billion ($1.5 billion) between 2023 and 2024, hitting €5.7 billion, according to the Mercator Institute for China Studies.

On average, car manufacturers accounted for about two-thirds of German investment in China from 2020 to 2024, MERICS found. That spending has accelerated in recent years, growing 69% between 2023 and 2024 to reach €4.2 billion.

BMW has committed about €3.8 billion to a battery project in Shenyang, making China the hub of its largest research and development network outside Germany. It also exports electric SUVs from China back to Europe. Meanwhile, Mercedes shifted its annual strategy summit to Beijing and is developing China-only electric vehicles.

Volkswagen, which calls China its “second home market,” has similarly signed a string of deals with Chinese firms to accelerate its technology development.

BASF, the German chemicals giant, just opened an €8.7 billion complex in China — its largest-ever investment. Last month, BASF CEO Markus Kamieth called China essential to the company’s growth month, saying the market helped counter sluggish output in Germany.

Bosch, Germany’s global engineering firm, is deepening reliance on China for product development, while cutting positions in Germany

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[–] randomname@scribe.disroot.org 19 points 2 months ago* (last edited 2 months ago)

Bloomberg is mistaken as German (and other European and Western) companies are already adjusting their value chains, namely eliminating Chinese suppliers (one post from today is here: https://feddit.org/post/21744444).

The Merics data cited in the article is from 2020 - 2024, and the narrative is not accurate. Western companies are moving away from China as they are increasingly aware of the many obstacles within Chinese domestic markets. The Chinese government has no interest in foreign competition, hence its economic policy will artificially block foreign companies.

One example is Volkswagen, mentioned in the Bloomberg report. Volkswagen already sold its operations in China's Xinjiang region in 2024, after years of mounting pressure to abandon its presence in a region where rights groups have documented abuses against the Uyghur population. Many others have followed or are in the process to do so.

[Edit typo.]

[–] tomiant@piefed.social 5 points 2 months ago

It's almost as if money shouldn't be the deciding factor in how we run our countries, and shouldn't dictate our morals.

The people clutching their balls about "globalism" should probably take a look at what the global financial market really is doing to our civilizations.

[–] plyth@feddit.org 1 points 2 months ago

Are they real or like North Stream 2, projects to create the illusion that Germany is still committed to a joined future with China?