China fatigue among EU companies + Review of Xi's coal promise
There has been no shortage of critical words in the annual position paper of the European Chamber of Commerce in Beijing in recent years. But the paper has never sounded as negative as it did now: "Ideology trumps the economy," is the central statement, alluding to China's adherence to zero-Covid, which no longer has any scientific basis. Also criticized is the general poorer climate between China and Europe.
The exodus of European companies from China has so far failed to materialize. And yet the Chamber of Commerce warns: confidence has waned and could be permanently damaged. European companies are already looking for alternatives in Southeast Asia and India, Christiane Kuehl quotes from the paper in her analysis. And: EU Chamber President Joerg Wuttke believes that an opening of the country in 2023 is by no means certain.
Equally disillusioning is that coal-fired power plants are built with the help of Chinese money around the globe. It was considered a "milestone in climate protection" when, exactly one year ago, Xi Jinping announced at the UN General Assembly, as the last major state donor to do so, that China would no longer finance coal-fired projects. The good news is that China's wind and solar companies are also involved in numerous projects through foreign direct investment – and the trend is rising, as Nico Beckert writes in his analysis.