German Chancellor Olaf Scholz plans to maintain economic cooperation with China , despite current US attempts to limit interaction between Berlin and Beijing, notes "Politico" in an article titled "Why German leader Scholz bows down to the Chinese dragon", quoted by BTA.
"Scholz needs China" because in the current situation, when the German economy is "struggling", the chancellor "cannot afford to destroy business ties between Berlin and Beijing", according to Politico.
Scholz must ignore the pressure put on him by the US because "he is not ready to sacrifice the prosperity of [his country] because of the security interests of Washington or even the European Union", adds Politico.
China is the "mainstay of German global business". In particular, about 50% of the global car sales of "Volkswagen", one of the largest German automobile concerns, take place in China.
The German economy is currently facing a whole range of problems – "from shortage of skilled labor to excessive regulations". Economists and the International Monetary Fund (IMF) predict that the German economy will continue to stagnate after a disappointing 2023.