Chancellor Olaf Scholz’s recent visit to Beijing was the subject of much controversy. Since Xi Jinping’s nationalist shift, most Western companies have turned their backs on China. Foreign investment is falling, the stock market is plummeting, and the property crisis continues to spread. To compensate for the contraction of its economy, China has decided to turn to the mass production of electric vehicles and batteries, granting large subsidies, at the risk of increasing global imbalances and leading to a crisis of overproduction, to the detriment of European industry and even China itself. However, among the developed countries, only Germany continues to increase its direct investment in China.
Author: Emmanuel Sales, Alumni of the Ecole Normale Supérieure (Ulm) and agrégé in philosophy, General Manager of Financière de la Cité.
This article is available on the Robert Schuman Foundation website.
The French version is available here.
