German Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China.
German Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification.
Scholz, attending the Asia-Pacific Conference of German Business in person for the first time, told a packed room in Singapore on Monday that economies must deepen free trade in the face of geopolitical tension, and not turn to protectionism. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification.
"If governments seek to intervene in a supply chain, they must make the case that they observe the risks better than firms do. But it is unclear which market failure friend-shoring policies will fix without further fragmenting the world trading system,"Scholz also said challenges such as climate change and food insecurity can only be resolved through innovation and competition manifested through trade.
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