German businesses excited about China’s expansion

A poll released on Wednesday by the German Chamber of Commerce in China revealed that over 78% of German businesses anticipate steady growth in China over the next five years, while 54% intend to boost investments in the nation. Remaining competitive in China is imperative, according to 79% of German companies surveyed for the Business Confidence Survey for 2023 and 2024. Between September 5 and October 6 of last year, the survey was performed. 566 of the chamber’s member companies answered the poll in total. According to the survey, 42% of German companies anticipate good industrial development in 2024, up from 21% in 2023.

 

According to Ulf Reinhardt, the chairperson of the board of the German Chamber of Commerce in China (South and Southwest China), only 5% of survey participants currently view Chinese businesses as leaders in their industry for innovation, but 46% believe this will change in the next five years. Business executives in Germany stated that China’s economic significance to Germany is still unparalleled. According to Jens Hildebrandt, executive director of the German Chamber of Commerce in China (North China), the Sino-German economic partnership has been Germany’s most significant trading partner for seven years running and supports millions of employment in both nations.

 

China is one of the most important markets for many German companies, according to Hildebrandt, because of the country’s vast consumer market, sophisticated supply chain infrastructure, and growing reputation as a powerful innovator. More than 2,100 companies, including Siemens AG, Mercedes-Benz Group, Covestro AG, and Bayer Group, are members of the German Chamber of Commerce in China. Positive about the Chinese market, early this month saw the 500th German company establish itself in Taicang, in the Jiangsu province of East China. This company is called Beumer Group, and it makes logistics conveying equipment. According to information provided by the local government, the corporation intends to invest a total of 100 million euros ($108.74 million) in Taicang, with an annual output value of up to 1.4 billion yuan ($195.5 million).

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