Germany to step up efforts to diversify trade beyond China: Chancellor

BERLIN

Germany is to increase its efforts to diversify its trade beyond China, Chancellor Olaf Scholz said on Tuesday.

One overlooks the fact that there are not only profitable markets like China and India in Asia “but also many other strong, great (trade) nations in Asia which are not noticed here (in Germany) at all,” Scholz told the Suddeutsche Zeitung’s Business Summit.

“We have seen the rise of South Korea and Japan. We are now seeing Vietnam,” he added.

Scholz pointed also to other Asian markets like Malaysia and Indonesia.

The chancellor’s remarks came in the wake of his plans to review Berlin’s strategy vis-a-vis Beijing in a bid to reduce its economic dependence on the Asian powerhouse.

On Nov. 2, Scholz announced a change of course toward China, only hours before his first-ever visit to Beijing since taking office a year ago.

In an article for the Frankfurt-based Frankfurter Allgemeine Zeitung newspaper, Scholz said that the recent outcome of the Chinese Communist Party congress had convinced him that a change of policy toward China was necessary.