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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Chinese delegation to meet with Germany’s corporate leaders next week

Creator: GREG BAKER Creator: GREG BAKER
Creator: GREG BAKER Creator: GREG BAKER

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Chinese delegation to meet with Germany’s corporate leaders next week. Premier Li Qiang will meet Germany’s top CEOs next week as part of a European tour to improve ties at a time when Berlin is trying to reduce its economic dependence on Beijing.

The discussions show German companies’ conflict with the government’s objective to diversify away from China because they heavily rely on the Chinese market to sell their goods and buy resources.
According to sources, they will meet with German and Chinese CEOs on June 19.

The delegation’s CEOs met with Mercedes-Benz (MBGn.DE), SAP (SAPG.DE), and Siemens Energy (ENR1n.DE). According to a source, Audi’s CEO will also attend.

Mercedes-Benz’s top shareholders are Beijing Automotive Group Co Ltd (1958. HK) and Geely Chairman Li Shufu. A spokesperson said subjects would include Mercedes’ commitment to China and the ongoing liberalization of the Chinese market after the COVID-19 outbreak.

According to the persons, Siemens (SIEGn.DE) CEO Roland Busch, who leads the Asia-Pacific Committee of German Business (APA), will attend a June 20 event with Li, German Chancellor Olaf Scholz, and Economy Minister Robert Habeck.

According to Andrew Small, a senior scholar at the German Marshall Fund’s Asia program, the concern was whether Germany was utilizing de-risking to preserve tight business connections with China, except for raw resources.

Bayer (BAYGn.DE), Infineon (IFXGn.DE), Volkswagen (VOWG_p.DE), and BMW (BMWG) declined to comment.

Siemens’ CEO, as APA chairman, will attend Tuesday’s ceremony.

German CEOs have often warned of terminating or diminishing commercial links with China, but the industry has realized that its dependent on China for crucial raw materials must be addressed.

“The motto has to be: overcome one-sided dependencies, but not by doing less business with China, but rather more business with other countries,” BDI head Siegfried Russwurm stated in May.


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