Morning Briefing: Die zweite Seite des China-Schocks der Wirtschaft
Die Billigflut chinesischer Produkte in Europa ist das eine. Doch jetzt bricht auch noch das Chinageschäft deutscher Konzerne weg. Zeit für eine ökonomische Zeitenwende?
Good morning, esteemed readers, the China shock currently plaguing the German economy comes with two sides. It's not merely Chinese goods inundating European markets at dumping prices; it's also a Chinese market that no longer appears lucrative for European firms. As one German automotive manager candidly told our auto correspondents, "The past months have been simply awful."
A blend of technical catch-up, state subsidies, and - cautiously said - China's aggressive currency policy makes machinery, cars, and chemical products appealing to European customers. Conversely, China's situation is dire, particularly for the automotive industry: As the Chinese economy contracted 20 percent from January to August, the combined loss for Volkswagen, BMW, Mercedes-Benz, Audi, and Porsche amounted to 27 percent.
The Chinese market could soon turn into a money-losing venture for individual corporations. Hence, it's not just the German government that has grown weary of China's subsidized cheap products. It's also the top executives in German companies who have long indulged in the fantasy that fantastical Chinese sales figures would be delivered forever.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
