The German economy became more dependent on China in the first half of 2022, with direct investment and its trade deficit reaching new heights, despite political pressure on Berlin to pivot away from Beijing, according to research seen by Reuters.
At the same time, growth in German exports to China weakened significantly, the German Economic Institute said in its study, citing economists pointing to a trend towards more local production in the Chinese market.
"Yet despite these dangers and problems, economic interdependencies with China have been moving in the wrong direction at a tremendous pace in the first half of 2022," the economist said. "The Chinese sales market and the profits beckoning there in the short term simply seem too attractive," Matthes said.
Germany's trade deficit with the country had leapt to almost 41 billion euros by mid-2022, the institute said, adding that the gap was set to widen further.
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