China and Germany agree to work on ending trade tensions

Bangkok Post Group

China's Vice Premier He Lifeng and German Finance Minister Lars Klingbeil agreed on Monday (November 17) the two countries should strengthen commercial ties and bring an end to months of trade tensions between the world's second and third-largest economies. - REUTERS

Transcript

00:00China and Germany have agreed to work towards ending trade tensions and furthering commercial ties.

00:07The announcement came while Chinese Vice Premier Hurtley Fung and German Finance Minister Lars Klingbeil met in Beijing Monday.

00:16Klingbeil's visit was the first to China by a minister from Chancellor Friedrich Merz's government,

00:21which took power in Germany roughly six months ago.

00:24Ties have grown tense recently for reasons including Chinese export curbs on chips and rare earths.

00:31Those moves have caused major disruptions for German firms.

00:36Finance Minister Lars Klingbeil.

00:38In my talks today, I received assurances from the Chinese side that German and European concerns about export restrictions on rare earths

00:47and critical raw materials are being taken seriously,

00:50and that we want to find joint solutions that ensure reliable access and reliable supply chains.

00:58Klingbeil further talked on the topic of Chinese overcapacity in key sectors like steel, solar and electric mobility.

01:06He said both countries agreed it should be a shared task to lower such overcapacities and ensure stable competitive conditions.

01:13Vice Premier Hurt said Beijing was committed to working with Germany to expand joint cooperation.

01:22The two countries are bound by an important commercial relationship despite their differences,

01:29and their economic ties have become even more crucial as U.S. tariffs squeeze global markets.

01:36Chinese companies are now serious competitors for German firms in many sectors.

01:40However, data also show China bought $95 billion worth of German goods last year,

01:47with a large portion being cars,

01:50while Germany bought $107 billion of Chinese goods,

01:54mostly chips and other electronic components.

01:57Chinese companies have rather tecnologia Province,

01:57and goose as much China mites are given to nations.

02:00Luckily for the general population,

02:00by variousries who produceرج

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