Germany may cancel export credits for its companies in China

Germany will impose economic restrictions on China to make doing business with it less attractive. This was reported by Reuters, citing sources familiar with the situation. According to the agency, Berlin wants to reduce its dependence on the Chinese economy, which explains such an attack on Beijing.

According to Reuters, the mentioned restrictions may include the reduction of guarantees from the German state development bank for the projects of German companies in the PRC KfW, or even a complete rejection of them. KfW guarantees, previously reserved for projects in China, will be provided for German business projects in other Asian countries, such as Indonesia. Thus, the German government will try to diversify trade and establish closer economic cooperation with the democracies of the region, and will also refuse to help China with holding industrial exhibitions and training managers, writes Reuters.