Germany is open to trade with China — but we’re not stupid, vice chancellor says

Germany is open to strengthening ties with China but would need to remain cautious on where any investment goes, the country’s Economy Minister and Vice Chancellor Robert Habeck said.

“We are an open market. That’s not saying we are a stupid market, so we have to be careful,” Habeck told CNBC’s Tanvir Gill Saturday in Singapore.

There is “nothing wrong” with Chinese companies investing in Germany and vice versa, but the war in Ukraine has shown that “what seems to be a reliable partner can very soon turn out as one that is hijacking you,” the economy minister said, giving a nod to Russia’s invasion and Europe scrambling to diversify their energy supplies.

Habeck’s comments come after German Chancellor Olaf Scholz made a controversial solo trip to China to meet President Xi Jinping in early November.

He was the first G-7 leader to travel to the People’s Republic since the start of the Covid-19 pandemic.…