China’s Li Qiang warns of ‘de-risking’ risks as EU momentum builds for economic security strategy

Name: Berlin stops Chinese companies from investing in German chip makers over security concerns
Uploaded: 2023-06-22T14:00:18.000Z
Duration: 2 min 38 s
Description: Berlin stops Chinese companies from investing in German chip makers over security concerns

Chinese premier pitches ‘openness and cooperation’ as pressure mounts in Brussels to protect bloc from economic dependencies, strengthen resilience

Li is expected to send similar messages in meeting with French President Emmanuel Macron

Reading Time:3 minutes

Why you can trust SCMP

Chinese Premier Li Qiang visits the headquarters of Siemens in Germany’s Bavaria. Li repeated calls for greater “openness and cooperation” throughout his tour. Photo: Xinhua

Hayley Wong

Published: 10:00pm, 22 Jun 2023Updated: 11:11pm, 22 Jun 2023

Chinese Premier Li Qiang has urged business leaders in France and Germany to insist on technological cooperation and free trade as pressure mounts in Brussels to “de-risk” from China.

As Li wrapped up his first overseas visit to Germany as premier on Wednesday, he travelled to Paris and sought “a fair, transparent, and non-discriminatory business environment for Chinese companies” in France, Xinhua reported on Thursday.

“We hope that Chinese and French entrepreneurs will firmly support economic globalisation … and work together to maintain the stability and resilience of the supply chain between China, France and Europe,” Li told a banquet attended by French senior officials and business leaders.

There was a great potential for both sides to cooperate in areas like hi-tech manufacturing, modern services, green transition and economic digitalisation, he said.

Li made similar appeals to business leaders during a round table meeting in Berlin on Tuesday, which was attended by German Chancellor Olaf Scholz.

“We hope Germany can continue preserving an open market and create a fair, transparent and non-discriminatory business environment for Chinese companies investing in the country,” he said, adding that Berlin should create a stable environment and let business “judge and manage risks” according to market developments and economics.

02:38

Berlin stops Chinese companies from investing in German chip makers over security concerns

Li’s pitches came amid growing calls from European countries and companies to de-risk from China. Earlier this week, Brussels rolled out its first economic security proposal, which is aimed at protecting the bloc from risks “inherent in certain economic dependencies”, while promoting its own competitiveness by making the economy and supply chains more resilient.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x