China-dependent firms do not have Germany’s best interests – foreign minister

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Published: Dec 2, 2022, 15:36 UTC

BERLIN (Reuters) - German companies that depend completely on one market may not 100% have the country's best economic interests in mind, said German Foreign Minister Annalena Baerbock on Friday about state investment guarantees under the country's new China strategy.

Annalena Baerbock, Minister for Foreign Affairs of Germany speaks at the COP27 climate summit, in Sharm el-Sheikh

BERLIN (Reuters) – German companies that depend completely on one market may not 100% have the country’s best economic interests in mind, said German Foreign Minister Annalena Baerbock on Friday about state investment guarantees under the country’s new China strategy.

German Chancellor Olaf Scholz’s government is in the process of drawing up a new business strategy on China.

Under measures proposed by Baerbock’s ministry, investment guarantees will face greater scrutiny to take account of the environmental impact, work and social standards and to avoid forced labour in the supply chain, said a confidential draft document seen by Reuters last month.

(Reporting by Miranda Murray, editing by Rachel More)

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