German Chancellor Olaf Scholz recently visited the Sino-German joint venture, Bosch Hydrogen Powertrain Systems, during a three-day official visit to China. This visit signifies an increased focus on China-Germany economic relations, particularly in the field of new energy vehicles (NEVs).
A survey conducted by the German Chamber of Commerce in China revealed that 91% of the 566 member companies planned to continue operations in China, with over half indicating plans to increase investment. Significant investment growth in China by prominent German companies like Siemens, Mercedes-Benz, BASF, Volkswagen, and BMW further underscores this sentiment.
Chinese President, Xi Jinping stressed the importance of bilateral cooperation between the two nations. Citing the mutual benefits of this partnership, Jinping emphasized, “the greater the global instability, the more critical it is for both sides to reinforce the resilience and vitality of their relationship.”
Scholz’s visit to Bosch Hydrogen Powertrain Systems (Chongqing) Co, Ltd offered an opportunity to observe the assembly of hydrogen fuel cell power modules. Additionally, he toured Covestro’s Asia-Pacific innovation center in Chongqing and Shanghai.
Germany and China seem to be placing increased importance on expanding cooperation in the field of innovation, especially when it comes to new energy vehicles. China is now a center for the innovation of NEVs, with German automobile companies looking to make more significant investments in the country. Jinping mentioned that the ongoing cooperation is an opportunity, rather than a risk, and should be seen as a guarantee for a stable bilateral relationship.
Bipartite Ties
This year is the 10th anniversary of the establishment of the all-embracing strategic partnership between China and Germany. The escalation and fortification of this bilateral relationship will not only enhance ties between the two countries but will also leave substantial impacts on the Eurasian continent and globally.
In 2023, bilateral trade volume stood at 253.1 billion euros. China has maintained its position as Germany’s leading trading partner for the eighth year running. Jinping affirmed that as long as both sides uphold mutual respect, seek common ground and pursue win-win cooperation, China-Germany bilateral ties will continue to enjoy solid and sustained progress.
