Germany's Steinmeier warns China against one-sided economic benefits
German President Frank-Walter Steinmeier said China must avoid creating one-sided dependence in other markets as it pursues economic self-sufficiency. Speaking at Peking University, he objected to the trade imbalance between China and Europe, which the EU has called unsustainable.
Germany's President Frank-Walter Steinmeier urged China not to create one-sided dependence in other markets as it pursues economic self-sufficiency, in an address at Peking University on Thursday.
Steinmeier, who is due to meet Chinese President Xi Jinping on Friday, objected to the trade imbalance between China and Europe, according to his speech text. "It is understandable that China wants to protect its economy against external shocks and negative influences," he said, but stressed that China's greater independence must not lead to dependence and vulnerability of others on China.
The European Union has called its widening trade deficit with China unsustainable, and warned last month it will use every possible means to remedy it. Germany, along with France, has also proposed that the EU enact a new rapid-action measure against countries that harm it, with China likely in focus.
European companies have found themselves with no or little access to the Chinese market, Steinmeier said, while European markets face large amounts of state-subsidised Chinese imports as well as Beijing's controls and limits on its raw materials exports. He argued that Europe was determined to keep its industrial base, and that he was confident that Brussels and Beijing would be able to find solutions through dialogue.
"We do not want a new bloc confrontation. That would not only be dangerous for international security, but would also be an economic loss for everyone," said the German president, who is on a five-day visit until Saturday.