New energy, AI, digitalization to receive boost after Scholz’s visit
▶ China, Germany eye cooperation in emerging fields
Chinese and German leaders on Friday pledged to endorse economic globalization and forge closer partnerships in a wide range of areas, as German Chancellor Olaf Scholz’s official visit to China came across as a pivotal confluence of the resurgence of pragmatism in Europe and the unfolding Chinese path to modernization.
Scholz’s Friday visit, the first by a European leader following the 20th National Congress of the Communist Party of China, shone the spotlight on tangible business opportunities in new energy and digitalization, among other spheres, between the two major global powers.
Scholz’s optimism-fueling visit demonstrates a massive vote of confidence among pragmatism-oriented European leaders and business executives who look to China for future growth, experts said, reckoning that more European leaders will follow Scholz’s suit in fostering an expansion in trade with China.
On Friday, President Xi Jinping met with Scholz on the latter’s first visit to China as chancellor.
China will stay committed to advancing high-standard opening-up, keep to the right direction in economic globalization, promote an open world economy, and expand converging interests with other countries, Xi said. While exploring more cooperation potential in traditional areas, efforts should be made to energize cooperation in emerging fields such as new energy, artificial intelligence (AI) and digitalization, he continued.
In Scholz’s words, Germany firmly supports trade liberalization and economic globalization, and opposes decoupling.
Later on Friday, Premier Li Keqiang met with Scholz and described economic and trade cooperation as a ballast for the development of bilateral relations.
The eagerly observed visit offers clues to what could be a turning point in economic globalization as Germany and China join hands to anchor one of the most consequential economic and trade relationships globally toward more pragmatic partnerships, observers said.
Germany is known for spearheading the fourth industrial revolution. Its prowess dovetails with China’s vision of building itself into a manufacturing power in sophistication terms, and therefore the two countries have a lot in common when it comes to deepening bilateral economic ties, said Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation.
Scholz’s China visit could also prompt some of his European peers to shift toward a more pragmatic approach in engaging with China, Bai remarked.