- Scholz: Wirecard commitment was routine
- Geely has big plans for Zeekr
- China to build over 150 airports by 2035
- Xi pledges to cut coal consumption from 2025
- Beijing plans massive investment in battery storage
- Bundestag asks: Is what’s happening in Xinjiang a genocide?
- London cuts development aid to China by 95 percent
- NATO to decide on China strategy in June
- Johnny Erling: China’s fine art of exerting influence
If we’re being honest: We expected more from Xi Jinping’s appearance at the small climate summit of 40 heads of state and government. However, it’s not really surprising that Xi didn’t announce any earth-shattering new climate goals at the invitation of US President Joe Biden. After all, the new climate goal of the US, which is awakening from climate policy hibernation after four Trump years, outshines any announcement by other countries. Christiane Kuehl has the details on Xi’s announcement.
When it comes to expanding the giant country’s airports, climate goals seem to be of secondary importance for the time being. Beijing sees a need to catch up, especially in smaller cities, and wants to build more than 150 new airports by 2035, as Gregor Koppenburg and Joern Petring report. The large-scale expansion of renewable energies, on the other hand, is not to be hindered by a lack of energy storage. Beijing authorities have presented new plans that will greatly advance this future market.
Olaf Scholz would have preferred to be at the climate summit yesterday instead of having to answer questions in the Wirecard Committee of Inquiry. Finn Mayer-Kuckuk was on the scene and sheds light on the minister’s statements on the events surrounding a summit meeting with Chinese Vice Premier and leading economic policymaker Liu He in 2019. Then today, German Chancellor Angela Merkel is called as a witness – she is to testify on her trip to China in September 2019.
Frank Sieren takes a closer look at the plans and the new model of Geely subsidiary Zeekr. The car is supposed to finally make the leap into electromobility after previous lofty plans failed. Zeekr also plans to build a fast-charging network and expand internationally.
And today, Johnny Erling explains how the “emperor” Deng Xiaoping flattered the “king of the International Olympic Committee” Juan Antonio Samaranch with a signed illustrated book. Football officials pushing around money envelopes (cue Football World Cup 2006) can still learn something from this high art of influence.
Enjoy the read, and have a great weekend!
Nico Beckert
Feature
Scholz: Wirecard commitment was routine
The Bundestag investigative committee on the Wirecard scandal once again looked into the events surrounding the company’s planned market entry in China on Thursday. Wirecard had planned to buy the Chinese company Allscore in 2019. Allscore wanted to process payments in China and thus become a competitor to Alipay, but did not yet have the necessary license. Wirecard, therefore, had two requests for the German government. It was supposed to lobby to make the purchase of a company from the financial sector possible in the first place. At the same time, it was supposed to press for the People’s Bank of China (PBoC) to grant the necessary business license to the new partner Allscore.
This is what the German government did – and in retrospect, it has to put up with many questions about it. Since Wirecard’s success was based solely on lies and deception. The alleged billions in profits were achieved through fictitious transactions between subsidiaries. The true source of funds was ever higher loans from banks, which in turn were justified by the fictitious growth figures. It was not until mid-2020 that the house of cards collapsed. Wirecard had to admit that billions of euros allegedly held in accounts in Singapore and Malaysia did not exist at all.
Wirecard should be a pioneer for market entry
Crucial to the criticism before the Wirecard investigation committee of the Bundestag: In 2019, numerous media reports about possible fraud at Wirecard were already running. Nevertheless, both the Ministry of Finance and the Chancellor’s Office in China stood up for the company. On Thursday, Fabio De Masi (Die Linke), a member of parliament, questioned German Finance Minister Olaf Scholz about the events surrounding a summit with Chinese Vice Premier and leading economic policymaker Liu He. Chancellor Angela Merkel was summoned to testify on Friday. She is to testify on the events during her trip to China in September 2019.
Continue reading now
Get 30 days of free access to the Decision Brief to read these and more quality news every day.
Are you already a guest at the China.Table? Log in now