German industry is aiming to diversify away from China, but pulling back from its biggest trading partner could come at a high price.
“Asia is much bigger than China,” Federation of German Industry chief Siegfried Russwurm recently told a conference of its members, which includes some of Germany’s largest investors in China from the car industry to the chemical and mechanical engineering sectors.
A major Asian-German business conference will be held in Singapore in November, partly focused on diversification and possible business opportunities in Asian nations other than the world’s second-largest economy. A decoupling of the EU and Germany from China, which would prompt retaliatory measures from Beijing, could cost Germany almost six times as much as Brexit, the Munich-based Ifo economic institute warned in a report this month. The car industry would be the biggest loser if Beijing decided to shut German companies out of its markets, amid a showdown with Western allies.
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