{"id":124010,"date":"2019-06-22T08:00:09","date_gmt":"2019-06-22T08:00:09","guid":{"rendered":"https:\/\/www.bnreport.com\/germany-seeks-common-ground-with-china-amid-trade-war\/"},"modified":"2019-06-22T08:00:09","modified_gmt":"2019-06-22T08:00:09","slug":"germany-seeks-common-ground-with-china-amid-trade-war","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/germany-seeks-common-ground-with-china-amid-trade-war\/","title":{"rendered":"Germany seeks common ground with China amid trade war"},"content":{"rendered":"<p>SHANGHAI \u2014 Amid a full-blown trade war between Washington and Beijing, Germanys Economy Minister Peter Altmaier made an impassioned plea for the EU to work with China.<\/p>\n<p>During a three-day trip that came at a crucial moment ahead of a summit of the G20 leading economies in Osaka next week, Altmaier set out a vision for cooperation, radically opposed to <a href=\"https:\/\/www.scmp.com\/comment\/insight-opinion\/article\/3009382\/culture-and-race-cant-be-ignored-us-china-rivalry-american\" rel=\"noreferrer noopener\" target=\"_blank\">Washingtons warnings of a new Cold War.<\/a><\/p>\n<p>\u201cWe have a shared responsibility to prevent new conflicts from arising in the world. To prevent trade conflicts, protectionism, mutual sealing-off that limit these forces for [economic] growth,\u201d Altmaier said in a speech at Tongji University in Shanghai on Friday.<\/p>\n<p>The German minister robustly defended Chinas \u201cright\u201d to get rich, export its goods and set out its strategic interests in plans like the \u201cMade in China 2025\u2033 strategy. He criticized Americas sanctions against the Chinese telecoms giant Huawei, and even suggested that Europe should copy some of Chinas \u201cvery rational\u201d plans like an industrial strategy and \u201cOne Belt, One Road\u201d infrastructure plan.<\/p>\n<p>Indeed, in recent months, Germany has increasingly swung behind an (more traditionally French) approach to an EU industrial strategy and has called for greater emphasis on forging European champions. Most conspicuously, Berlin has reacted with annoyance to the decision by EU antitrust regulators to block a rail mega-merger between Alstom and Siemens.<\/p>\n<blockquote><p>\nAltmaier argued that this model unites both European and Chinese values.\n<\/p><\/blockquote>\n<p>Despite the conciliatory tone of his speech, Altmaier has had to tread a fine line on his visit. He tempered his praise of China with a warning that Beijing should not <a href=\"https:\/\/www.politico.eu\/article\/germany-tells-china-to-avoid-hong-kong-conflagration\/\" rel=\"noreferrer noopener\" target=\"_blank\">crack down against protesters in Hong Kong<\/a>, and also told top Chinese officials to rein back lavish state funding for business \u2014 observing that \u201cthe state is a bad entrepreneur.\u201d<\/p>\n<p>Still, he stressed more grounds of cooperation than conflict. While the U.S. has criticized European countries <a href=\"https:\/\/www.politico.eu\/pro\/italy-comes-to-silk-road-juncture-with-chinese-mou\/\" rel=\"noreferrer noopener\" target=\"_blank\">such as Italy<\/a> for joining in with Chinas massive Belt and Road project, Altmaier had more time for the transport and infrastructure program that connects Asia with key European hubs.<\/p>\n<p>Europe, he said, \u201cneeds a connectivity strategy that encompasses everything from internet to the transport of goods \u2026 and if we talk with China, then we can join forces and share the burden, which will automatically guarantee that there is no discrimination, no one-way road but a two-way street and that would be the best solution.\u201d<\/p>\n<h3>A social model<\/h3>\n<p>Drawing on Germanys own experience of rapid reconstruction after the devastation of World War II, Altmaier called on China to use its new-found economic might to build a more robust social safety net. His speech at Tongji University made a broader case for a \u201csocial market economy\u201d that he said could lead to worldwide prosperity \u201cwithin one or two generations.\u201d<\/p>\n<p>Altmaier suggested that the case for more economic \u2014 as well as political \u2014 openness could only be made by convincing China that opening up is in its own best interests.<\/p>\n<blockquote><p>\n\u201cRule of law means that every company must be able to trust that it will be treated according to the law, and that no arbitrary decisions are taken.\u201d \u2014 <em>Peter Altmaier<\/em>\n<\/p><\/blockquote>\n<p>\u201cAfter the Second World War \u2026 in Germany, the market economy model was disputed until Ludwig Erhard took the courageous step of introducing the social market economy. And this has led to an economic miracle that has been going on for 70 years now.\u201d<\/p>\n<p>Altmaier argued that this model united both European and Chinese values. China is \u201cexpanding its heal<a href=\"https:\/\/www.politico.eu\/article\/germany-seeks-common-ground-with-china-amid-trade-war\/?utm_source=RSS_Feed&amp;utm_medium=RSS&amp;utm_campaign=RSS_Syndication\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI \u2014 Amid a full-blown trade war between Washington and Beijing, Germanys Economy Minister Pet..<\/p>\n","protected":false},"author":1,"featured_media":124011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-124010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Germany seeks common ground with China amid trade war - 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