New | Three top challenges to German economic supremacy
Risks from slowdown in China, ageing population and energy concerns may erode Berlin's role as the economic powerhouse in the euro region
The strength of the German economy is rightly regarded by investors as the foundation stone of the euro, but even the strongest stone can suffer from erosion, and Germany will be confronted by a number of economic challenges in coming years.
In the short term, policymakers in Berlin will be very relieved if the slowdown in the pace of China's economic expansion does not leave German exporters high and dry as corporate Germany has made a very big bet on the Chinese consumer.
Berlin will already have noted Friday's data showing German industrial orders fell 1.4 per cent in July month on month, driven by a 5.2 per cent drop in orders from overseas.
China was Germany's fourth-largest export market last year, according to data released by the German Statistics Office last month, up from 11th in 2007.
But that only tells part of the story. German exports to China last year were €74.5 billion, 6.6 per cent of the total, whereas in 2007 they were only €29.9 billion.
Nor does the headline number necessarily take into account German exports to China that are shipped through ports such as Rotterdam and Antwerp, conveniently situated for Germany's exporters but which are outside the country.