"China's rise from poverty to the world's secondlargest economy rewrote the rules of globalization. Now Beijing's push into high-end technology is unfolding at an even faster pace. While the United States and United Kingdom had decades to absorb the first China shock at the turn of the century, those confronting the second above all Germany have had far less notice. An obvious sign that Beijing's huge investments in high-tech were paying off emerged shortly after the first Chinese electric vehicles (EVs) rolled off transporters across Europe"
"The likes of Volkswagen, BMW and Mercedes-Benz have recently issued profit warnings as sales come under pressure, both in China and closer to home. German vehicle exports to China have plummeted by two-thirds since 2022, data from the EU's statistics agency Eurostat shows. The rivalry, which has spread from carmaking to other industrial sectors, is visible in Germany's broader trade performance. Last year, goods exports to China fell by 9.3% to 81.8 billion ($97 billion), their lowest level in a decade, while Chinese imports surged."
China moved from poverty to the world's second-largest economy and is accelerating into high-end technology. Large state and private investments produced rapid gains in sectors such as electric vehicles, enabling Chinese brands to enter and disrupt European markets. BYD and other firms sharply increased EV sales in Germany, pressuring legacy German automakers. Volkswagen, BMW and Mercedes-Benz have issued profit warnings as sales weaken both in China and domestically. German vehicle exports to China have fallen by two-thirds since 2022 and overall goods exports to China fell 9.3% to 81.8 billion ($97 billion), while Chinese imports rose. Research groups warn of a structural decline in German outbound trade with China absent new markets.
Read at www.dw.com
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