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No one will doubt the purpose of German Chancellor Angela Merkel’s recent official visit to China. Under the backdrop of the severe European debt crisis, China could have a major impact on the troubled European economy.
Chinese analysts said Merkel’s visit, from February 2-4, aimed to seek long-term cooperation with China. China reacted positively to Europe’s concern on its debt issue. However, besides lending money, increasing mutual investment and trade between China and Europe should be more effective approaches to addressing the debt crisis. China’s response is also a positive signal to a stable and better Sino-German relationship, they added.
At a joint media briefing after talks with the visiting German chancellor, Chinese Premier Wen Jiabao said China is considering involving itself more deeply in efforts to address Europe’s debt crisis through channels like the European Financial Stability Facility and the European Stability Mechanism. But Europeans’ own efforts must play a vital and fundamental role in resolving the crisis.
“This is by far the clearest attitude of China toward Europe’s debt issue. China is willing to help but will not take the lead,” said Feng Zhongping, Director of the Institute of European Studies at the China Institutes of Contemporary International Relations (CICIR).
Soon after Wen’s words were reported, the euro rose about half a percent against the U.S. dollar.
Lending a hand
The current European sovereign debt crisis could easily remind people of the Asian financial crisis in the late 1990s. At that time, rich European countries did not show their mercy and generosity to their poor Asian friends. Should China, a still developing country,“rescue” rich, troubled Europe?
China doesn’t plan to stand by with folded arms. As an economic engine, Germany is not an ordinary country in Europe. Sino-German relations therefore have iconic significance for Sino-EU relations. Before the visit, it was widely reported in the Western media that Merkel’s visit to Beijing was for the task of seeking help from China in addressing the European debt crisis. Thus the whole EU attached great importance to the trip.
When meeting with Merkel, Premier Wen said it is urgent and important to solve the European debt crisis and China attaches great importance to the issue from a strategic perspective as the global economic situation remains grim.
With about $3.18 trillion in foreign exchange reserves, China is one of the major countries that could lend a hand to the troubled euro zone.
“Merkel’s visit to China has various considerations. Germany doesn’t emphasize short-term capital flow in addressing the debt crisis, but has a long-term view. In the short term, China has large foreign exchange reserves; in the medium term, China has a huge market; and in the long term, China, with a relatively rapid development speed, is surely a reliable economic and trade partner for Germany and Europe,” said Cui Hongjian, a research fellow with the China Institute of International Studies (CIIS).
“China’s response to the EU’s concern on the debt crisis is a positive signal for SinoGerman relations,” said Li Weiwei, Deputy Director of the Department for EU Studies at the CIIS. “The German chancellor stressed long-term cooperation during her recent trip to China. For example, the German side advocated cooperation on social security with China. I think this aims at a guaranteed Chinese market with huge purchasing power.”
Economic and trade relations lay the foundation of the Sino-German relationship. China is the most important trade partner and export destination for Germany. By the end of 2011, despite the severe euro-zone crisis, bilateral trade volume had reached $169 billion, an 18.9-percent increase from the previous year.
Germany accounts for about one third of China’s total trade with the EU, amounting to the trade volume of China with Britain, France and Italy combined. Leaders of the two countries agreed last year to work together to raise bilateral trade volume to $280 billion by 2015.
While meeting with Merkel in Beijing,
Premier Wen stressed that the EU should keep pushing ahead with financial reforms to put forward a consistent and clear-cut solution to the debt crisis. To the surprise of Western media and EU officials, Wen didn’t ask Merkel to persuade the EU to grant China market economy status or lift the arms embargo on China. But he required the EU to improve its investment environment.
China’s support to Europe is completely from a strategic and long-term perspective. China should help stabilize the European market, which is actually helping China itself, because Europe has been both China’s largest export market and biggest source of technology imports, Wen said.
Expanding investment
Yao Ling, a researcher on European studies at the Chinese Academy of International Trade and Economic Cooperation, said, “The European debt issue is a problem of rich countries. China is only a developing country by per-capita income. It is paradoxical that a poor country should rescue a rich one. We might provide help as our capacity allows. The crisis should be solved fundamentally based on the efforts of euro-zone countries.”
“There are multiple ways for China to help Europe address its debt crisis, including purchasing the sovereign debt of European countries and increasing imports from the EU and investment to the EU,” said Yao.
Based on statistics of the Chinese Ministry of Commerce, China’s imports from the EU in 2011 increased 25 percent year on year, while its investment in the EU nearly doubled that of the previous year. So in that sense, China has already begun its practical action in helping Europe.
Last December, China’s Three Gorges Corp. won a bidding contest to buy a stake in Energias de Portugal, the country’s dominant power company. The deal was considered a forerunner of other potential asset sales to China by debtstricken euro-zone economies. Also, the State Grid Corp. of China has recently acquired a 25-percent stake in Redes Energéticas Nacionais, Portugal’s national power grid.
Since last year, with the debt crisis becoming increasingly fierce, many EU countries including Greece, Portugal, Spain and Italy began big privatization programs to raise funds. Germany, Britain and France showed interest in foreign investments. For China and Chinese enterprises seeking to go global, the debt crisis presents many opportunities.
In a speech delivered at the Chinese Academy of Social Sciences during her latest visit, Merkel said Germany welcomes Chinese companies to increase investment in Germany and will open its market wider to China.
However, China’s investment in Europe has often encountered non-economic barricades. An article in The Economist in June last year pointed out that China’s investment makes Europeans nervous because they feel that China intends to buy Europe’s jewels with its giant savings at knock-down prices.
In July 2011, the European Council on Foreign Relations criticized enlarged investment to Europe from emerging market economies, including China, in a report titled The Scramble for Europe.
“There are still doubts about Chinese investment in Europe. Therefore, discriminatory measures still exist,” said Feng of the CICIR.
Li of the CIIS suggested Chinese companies should do more research before investing in Europe. “Because of cultural differences, Chinese enterprises should be very cautious in investing in Europe. Try to learn more about the investment environment, especially the local legal system,” Li said.
During a meeting with representatives of Chinese and German entrepreneurs, Premier Wen encouraged Chinese enterprises to invest in Europe. He also called on the European side to create a positive investment environment for Chinese enterprises.
This was Merkel’s sixth official visit to China as German chancellor. In the last five trips, each time the two sides signed large cooperation and trade agreements. However, this visit was an exception.
“It only demonstrates that Sino-German economic and trade relations are mature and stable. But it is new that Merkel called for more cultural exchanges. This shows Germany’s intention to enhance deep mutual understanding and promote strategic cooperation with China,” said Li of the CIIS.
This year marks the 40th anniversary of Sino-German diplomatic relations. A Chinese Culture Year featuring a series of activities such as concerts, exhibitions and film festivals is being held in Germany.
Chinese analysts said Merkel’s visit, from February 2-4, aimed to seek long-term cooperation with China. China reacted positively to Europe’s concern on its debt issue. However, besides lending money, increasing mutual investment and trade between China and Europe should be more effective approaches to addressing the debt crisis. China’s response is also a positive signal to a stable and better Sino-German relationship, they added.
At a joint media briefing after talks with the visiting German chancellor, Chinese Premier Wen Jiabao said China is considering involving itself more deeply in efforts to address Europe’s debt crisis through channels like the European Financial Stability Facility and the European Stability Mechanism. But Europeans’ own efforts must play a vital and fundamental role in resolving the crisis.
“This is by far the clearest attitude of China toward Europe’s debt issue. China is willing to help but will not take the lead,” said Feng Zhongping, Director of the Institute of European Studies at the China Institutes of Contemporary International Relations (CICIR).
Soon after Wen’s words were reported, the euro rose about half a percent against the U.S. dollar.
Lending a hand
The current European sovereign debt crisis could easily remind people of the Asian financial crisis in the late 1990s. At that time, rich European countries did not show their mercy and generosity to their poor Asian friends. Should China, a still developing country,“rescue” rich, troubled Europe?
China doesn’t plan to stand by with folded arms. As an economic engine, Germany is not an ordinary country in Europe. Sino-German relations therefore have iconic significance for Sino-EU relations. Before the visit, it was widely reported in the Western media that Merkel’s visit to Beijing was for the task of seeking help from China in addressing the European debt crisis. Thus the whole EU attached great importance to the trip.
When meeting with Merkel, Premier Wen said it is urgent and important to solve the European debt crisis and China attaches great importance to the issue from a strategic perspective as the global economic situation remains grim.
With about $3.18 trillion in foreign exchange reserves, China is one of the major countries that could lend a hand to the troubled euro zone.
“Merkel’s visit to China has various considerations. Germany doesn’t emphasize short-term capital flow in addressing the debt crisis, but has a long-term view. In the short term, China has large foreign exchange reserves; in the medium term, China has a huge market; and in the long term, China, with a relatively rapid development speed, is surely a reliable economic and trade partner for Germany and Europe,” said Cui Hongjian, a research fellow with the China Institute of International Studies (CIIS).
“China’s response to the EU’s concern on the debt crisis is a positive signal for SinoGerman relations,” said Li Weiwei, Deputy Director of the Department for EU Studies at the CIIS. “The German chancellor stressed long-term cooperation during her recent trip to China. For example, the German side advocated cooperation on social security with China. I think this aims at a guaranteed Chinese market with huge purchasing power.”
Economic and trade relations lay the foundation of the Sino-German relationship. China is the most important trade partner and export destination for Germany. By the end of 2011, despite the severe euro-zone crisis, bilateral trade volume had reached $169 billion, an 18.9-percent increase from the previous year.
Germany accounts for about one third of China’s total trade with the EU, amounting to the trade volume of China with Britain, France and Italy combined. Leaders of the two countries agreed last year to work together to raise bilateral trade volume to $280 billion by 2015.
While meeting with Merkel in Beijing,
Premier Wen stressed that the EU should keep pushing ahead with financial reforms to put forward a consistent and clear-cut solution to the debt crisis. To the surprise of Western media and EU officials, Wen didn’t ask Merkel to persuade the EU to grant China market economy status or lift the arms embargo on China. But he required the EU to improve its investment environment.
China’s support to Europe is completely from a strategic and long-term perspective. China should help stabilize the European market, which is actually helping China itself, because Europe has been both China’s largest export market and biggest source of technology imports, Wen said.
Expanding investment
Yao Ling, a researcher on European studies at the Chinese Academy of International Trade and Economic Cooperation, said, “The European debt issue is a problem of rich countries. China is only a developing country by per-capita income. It is paradoxical that a poor country should rescue a rich one. We might provide help as our capacity allows. The crisis should be solved fundamentally based on the efforts of euro-zone countries.”
“There are multiple ways for China to help Europe address its debt crisis, including purchasing the sovereign debt of European countries and increasing imports from the EU and investment to the EU,” said Yao.
Based on statistics of the Chinese Ministry of Commerce, China’s imports from the EU in 2011 increased 25 percent year on year, while its investment in the EU nearly doubled that of the previous year. So in that sense, China has already begun its practical action in helping Europe.
Last December, China’s Three Gorges Corp. won a bidding contest to buy a stake in Energias de Portugal, the country’s dominant power company. The deal was considered a forerunner of other potential asset sales to China by debtstricken euro-zone economies. Also, the State Grid Corp. of China has recently acquired a 25-percent stake in Redes Energéticas Nacionais, Portugal’s national power grid.
Since last year, with the debt crisis becoming increasingly fierce, many EU countries including Greece, Portugal, Spain and Italy began big privatization programs to raise funds. Germany, Britain and France showed interest in foreign investments. For China and Chinese enterprises seeking to go global, the debt crisis presents many opportunities.
In a speech delivered at the Chinese Academy of Social Sciences during her latest visit, Merkel said Germany welcomes Chinese companies to increase investment in Germany and will open its market wider to China.
However, China’s investment in Europe has often encountered non-economic barricades. An article in The Economist in June last year pointed out that China’s investment makes Europeans nervous because they feel that China intends to buy Europe’s jewels with its giant savings at knock-down prices.
In July 2011, the European Council on Foreign Relations criticized enlarged investment to Europe from emerging market economies, including China, in a report titled The Scramble for Europe.
“There are still doubts about Chinese investment in Europe. Therefore, discriminatory measures still exist,” said Feng of the CICIR.
Li of the CIIS suggested Chinese companies should do more research before investing in Europe. “Because of cultural differences, Chinese enterprises should be very cautious in investing in Europe. Try to learn more about the investment environment, especially the local legal system,” Li said.
During a meeting with representatives of Chinese and German entrepreneurs, Premier Wen encouraged Chinese enterprises to invest in Europe. He also called on the European side to create a positive investment environment for Chinese enterprises.
This was Merkel’s sixth official visit to China as German chancellor. In the last five trips, each time the two sides signed large cooperation and trade agreements. However, this visit was an exception.
“It only demonstrates that Sino-German economic and trade relations are mature and stable. But it is new that Merkel called for more cultural exchanges. This shows Germany’s intention to enhance deep mutual understanding and promote strategic cooperation with China,” said Li of the CIIS.
This year marks the 40th anniversary of Sino-German diplomatic relations. A Chinese Culture Year featuring a series of activities such as concerts, exhibitions and film festivals is being held in Germany.