Klingbeil Pushes for Access to Critical Raw Materials in China - Germany’s Finance Minister Pushes for Fair Trade and Rare Earth Access in China
German Finance Minister Lars Klingbeil visited China, urging reliable access to critical raw materials like rare earth elements, essential for German industries. He also encouraged German companies to invest in China and Chinese firms to establish operations in Germany, while expressing hope for EU-China trade reconciliation.
Rare earth elements, crucial for high-tech sectors and defense, are predominantly produced by China. However, Beijing's export restrictions have affected German companies, particularly in the automotive and machinery sectors, causing concerns about production stops and shortages. Klingbeil, the first minister from Germany's current coalition government to participate in a financial dialogue in Beijing, demanded fair competition and access to these materials.
The EU has imposed tariffs on Chinese electric vehicles, leading Beijing to launch anti-dumping investigations into certain EU products. Klingbeil, during his visit, emphasized China's commitment to a fair and non-discriminatory business environment. He also hoped that Germany would use its influence to help the EU and China move towards resolving their trade tensions.
Klingbeil's visit to China highlighted the importance of reliable access to critical raw materials for German businesses. While encouraging investment between the two countries, he also addressed trade tensions and emphasized the need for fair competition. The outcome of these discussions could significantly impact the EU-China trade relationship.
