icon image. The entrance portal to the Forbidden City in the Chinese capital Beijing. Photo: Torsten Weidemann / pixelio.de
China has recently made a name for itself by buying parts of the Port of Hamburg. But how interconnected is the relationship between the regional economy and China really? This is what customs and foreign trade law expert Axel Sir assesses.
At the Swabian Chamber of Industry and Commerce, Axel Sir is head of the department for customs and foreign trade law. Regarding the current relationship between the People’s Republic of China and the Swabian economy, he first takes a look at the past twenty years: “Since the People’s Republic of China became a member of the World Trade Organization in 2001, China’s share of global trade in goods has steadily increased. China’s rise in international trade is also reflected in the economic relations with Bavaria. Over 500 companies from Bavaria-Swabia alone are active there. After the EU, China is Bavaria’s largest economic partner.”
These sectors are particularly closely linked to China
“China is particularly important as a sales market for Bavarian products and as a supplier of upstream services. Above all, the automotive, textile, mechanical engineering and pharmaceutical industries purchase a wide range of services from China,” says Sir. He also adds: “The imported raw materials from China, which is used as an input for key technologies such as electric motors, wind turbines and digital technologies, is also particularly important for the Bavarian economy. Also with rare earths, there is a dominance of China as an exporter.”