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World benefits from greater China-Germany economic cooperation

Xinhua | Updated: 2024-04-15 10:01

The flags of Germany and China are seen in Berlin, Germany, June 19, 2023. [Photo/Agencies]

German Chancellor Olaf Scholz is paying an official visit to China, his second since taking office. The upcoming visit is expected to inject new momentum into the positive trajectory of bilateral relations.

During Scholz's inaugural visit to China as German chancellor in 2022, amidst a hullabaloo of "decoupling," significant strides were made in bolstering mutual understanding and trust between the two nations. That diplomatic endeavor not only fortified bilateral relations, but also fostered global peace and development during a period marked by uncertainty and flux.

Back then, over 100 German companies applied to join the visit, with a dozen shortlisted. This time, enthusiasm also runs high, with prominent German companies vying to be included in the visiting delegation.

The keen interest from the business sector underscores the cooperative nature of China-Germany ties.

This year marks the 10th anniversary of the China-Germany comprehensive strategic partnership. Practical cooperation between the two countries has always been a "ballast stone" for bilateral relations and is bringing benefits to the people in both countries.

With strong economic interdependence, China and Germany, as the world's second-largest economy and the EU's largest economy respectively, should continue to ride the irreversible tide of closer and mutually beneficial cooperation in the era of globalization, jointly injecting momentum into global economic recovery.

According to the German Economic Institute, direct investment from Germany to China reached a record high of 11.9 billion euros (12.7 billion U.S. dollars) in 2023, a 4.3 percent increase compared to the previous year.

One prime example of successful collaboration between China and Germany is the automotive industry. German carmakers see cooperation with aspiring Chinese electric vehicle (EV) companies more as an opportunity than as a threat.

During an interview with Xinhua last year, Volkswagen Group CEO Oliver Blume said cooperation with China upholds Volkswagen's business all around the world and "makes the company even stronger."

German carmakers recognize that market competition can yield positive outcomes for all involved. They view the achievements of Chinese EV companies, driven by technological innovation and a well-established production and supply chain infrastructure, as beneficial to the global new energy automotive ecosystem.

The rise of the Chinese EV industry helps German carmakers to "become faster," Ferdinand Dudenhoeffer, director of the Germany-based CAR Center Automotive Research Duisburg said.

It is encouraging to witness German carmakers eschew "overcapacity" rhetoric that distorts the new energy technology market. Instead, they prioritize innovation and progress, striving to provide consumers with high-quality and affordable products amidst the worldwide drive for energy transition.

In an increasingly interconnected world, China and Germany's partnership stands out as a model of cooperation. By leveraging their respective strengths and fostering a spirit of openness and cooperation, these two nations can play a pivotal role in shaping a more prosperous and sustainable future for the global community.

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