German Finance Minister in China: ‘Transparency and predictability are key to bilateral trade’

CGTN Europe

Germany’s finance minister’s visit to Beijing underscores the importance of maintaining stable and constructive relations between China and Germany, two of the world’s leading economies. Kai Scholz, Partner and Lawyer at Oracle Law Global, spoke to CGTN Europe about the significance of the dialogue. He noted that the meeting aims to strengthen economic ties with an emphasis on transparency, fairness, and clear rules. Both sides, he said, have expressed a strong willingness to deepen cooperation in areas including trade, climate action, and innovation, while ensuring that the relationship remains stable and mutually beneficial.

Transcript

00:00Germany's Finance Minister has arrived in Beijing to press for more stable trading relations

00:05with China. Lars Klingveld became the first member of Germany's new coalition government

00:10to make the visit. China's Vice Premier, Hurley Fung, says he hopes Germany will use its influence

00:16to help strengthen relations between the world's second largest economy and the European Union.

00:21Kai Schultz is a partner and lawyer at Oracle Law Global in Frankfurt. Kai, welcome, good

00:27to see you. Just how significant is this meeting?

00:33Thank you very much, Amy. Thank you for having me. It is highly significant because it reflects

00:38the global importance of both economies. China and Germany are among the world's leading

00:44industry zones and their economic exchanges shapes global supply chains and international

00:50markets. Last year, for example, the bilateral trade reached 246 billion euros, making China

00:58Germany's top trading partner for the age year in a row. With economies in this scale, transparency

01:04and predictability become essential for long-term investment decisions. From my own experience

01:10working with Chinese clients, and as you prepare to open an Oracle Law Office in China, I see

01:17a strong desire on both sides to maintain stable and constructive incorporation. Germany is

01:23also reviewing some dependencies in raw materials and technologies, not dramatically, but in a proactive

01:30and strategic way. China's reiterated its commitment to opening up its financial sector. What's the potential

01:38for both sides, Germany and China on that? I think that Germany is one of the, as I just said, important

01:54partners and Germany and China remain deeply connected. In 2014, for example, China accounted for over 21% of the EU's

02:06EU's imports and around 8% of EU exports, making it one of the Europe's most important trading partners.

02:14And Europe is increasing its focus on resilience and risk management, but there is also a strong desire to

02:20deepen cooperation in areas such as climate action, innovation and global infrastructure. Transparency is my, in my opinion,

02:29in standards, procedures and regulations helps companies in both sides operate with greater confidence.

02:36Overall, in my opinion, the relationship is moving towards structured, stable and mutually beneficial cooperation,

02:42reflecting the global weight both economies carry. China has called on Germany to help improve

02:49China-EU economic relations. How realistic is that?

02:59It is, in my opinion, realistic, because as also the German finance minister said, there is a need for fair and

03:10transparent market conditions. This is a general concern, which is directed to everyone, not only to China. So for major

03:24economies like Germany and China, I think transparency, fairness and clear rules are the foundation for investment,

03:33innovation and stable cooperation. And I think Germany, as one of the leading economies in Europe, are able to

03:46also influence the relationship between Europe and China, of course.

03:53Kai, good to see you. And thanks so much for your time. Kai Schultz, partner and lawyer at Oracle Law Global in Frankfurt.

03:59Thank you very much. Thank you very much. Thank you very much.

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