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German companies remain confident about China despite challenges: German Chamber of Commerce in China report

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02:01

The German Chamber of Commerce in China, in its "Competitiveness of German Companies in China" report, states German companies operating in China face a range of challenges but are optimistic about growth. The report comes on the eve of German Chancellor Olaf Scholz's scheduled visit to China in mid-April. It showed that 79 percent of the surveyed companies are planning to continue to invest in China and remain competitive. Chinese local companies, as innovation leaders in their respective industries, are major competitors for German firms, as per the survey. Critical measures to increase competitiveness, including cooperation with local partners and customers and more investments in R&D and digitalization, will be adopted by the surveyed companies. Maximilian Butek, the executive director of the German Chamber of Commerce in China, explained that the report shows that the companies are confident in the Chinese market, as the majority are expecting an improvement in the country's economy. They also see that over half of the companies keep investing in China, he noted. "This is a strong commitment that they are confident about the long-term outlook for the Chinese economy," he added.

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