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Free AccessCHINA-Bilateral Gov't Forum Underway; Follows Hamburg Port Deal
The seventh Sino-German Intergovernmental Consultation is underway in Berlin involving German Chancellor Olaf Scholz, Chinese Premier Li Qiang, senior ministers from both countries and business delegations. The two-day visit has been seen as an effort by Beijing to repair ties with influential EU economies, and given Germany's more dovish historical stance towards close EU-China links Li making Berlin his first foreign destination as premier is seen as a sensible choice.
- The trip has already seen one notable deal finalised, with China's COSCO and the port of Hamburg coming to an agreement related to the sale of a minority stake in a Hamburg Tollerort container terminal to the shipping giant.
- The deal had come under significant scrutiny domestically, with opponents warning of selling a crucial supply chain link to a 'strategic competitor'. The reduction in COSCO's state from a proposed 35% to 24.99% appears to have smoothed the process.
- Speaking to business leaders on 19 June, Li called on businesses rather than gov't to engage in 'derisking' supply chains stating that “Enterprises have the most direct and acute sense of risks and they know how to avoid and handle them. So, enterprises should be given back the leadership role in preventing risks.”
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.