Home / Market Update / Commodities / Official: Germany Must Cut Economic Dependency On China

Official: Germany Must Cut Economic Dependency On China

According to acting Health Minister Jens Spahn, Wednesday, the current pandemic increased Germany’s economic dependency on China in many sectors.

Spahn added that an open discussion is needed on how to reduce an over-reliance on Asia’s rising giant.

“We have experienced and had to experience how dependent we have become on China,” Spahn said at an economic conference organized by the Sueddeutsche Zeitung daily.

Spahn pointed to rising imports of face masks and medical precursors from China. “This alone would be worth discussing on an economic summit on its own, the question of how we can at least become a bit less dependent on China again in the 2020s,” Spahn noted.

Check Also

Australian Dollar Strengthens as Markets Await RBA Decision

The AUD/USD surged higher on Monday, rising by 0.70% to 0.6600 amid expectations of a …