"China was long a lucrative market for Germany Inc, but the Asian giant's rise in high-tech fields has put the heat on Europe's industrial powerhouse and its companies, big and small. Insatiable Chinese demand for German exports, from cars to factory equipment, helped underpin a long boom in the eurozone's biggest economy, but times have changed, adding to the country's economic headwinds."
""In all key industrial sectors, China has changed from a very attractive market into a very capable competitor," said its CEO Joerg Jetter at company headquarters in Alsdorf, western Germany. "In particular, industries that are important for Germany - automotive and mechanical engineering - are feeling this," he told AFP. "Clearly there's been a shift." 4JET, with around 240 employees, has felt the impact first hand: the firm used to have substantial business selling machines to China's solar cell industry."
China's rise in high-tech fields has shifted it from a major buyer of German goods to a capable competitor across key industrial sectors. Strong Chinese demand for German exports historically supported Germany's economic boom, but changing dynamics now add to economic headwinds. German political leaders face the challenge of managing evolving commercial ties with China. Some German firms, like 4JET, have responded by licensing technology to Chinese partners after losing market share, while larger industrial groups retain more capacity to increase investment to counter mounting Chinese competition.
Read at The Local Germany
Unable to calculate read time
Collection
[
|
...
]