China and Germany should join forces to confront urgent global economic challenges, such as fragmentation and protectionism, said a German financial expert on Monday at the 10th China Day event within the framework of the 27th Euro Finance Week in Frankfurt.
The Euro Finance Week, one of Europe's largest platform for the financial industry, is held annually in November, with the China Day specifically focused on exploring cooperation opportunities in finance, economy and trade between China and Europe, Germany in particular.
Sabine Mauderer, vice president of Deutsche Bundesbank, warned against protectionism, saying it hinders growth and is especially harmful during a time when the global economy is already suffering from supply chain disruptions.
"A fragmentation of the global economy has no wins. We all know that protectionism typically leads to a decline in growth," she stressed.
Mauderer pointed out that while companies in China and Germany are both business partners and competitors, it is essential for the two sides to find a way to ensure that competition remains fair and mutually beneficial.
Mauderer also emphasized that low interest rates can only provide short-term support for economic recovery, while technological innovation and the promotion of digitalization are the long-term drivers of global economic growth.
At Euro Finance Week, the Frankfurt Branch of Bank of China won a special award for its outstanding contributions to the financial hub Frankfurt and its excellent Renminbi services in Germany.
Financial expert calls for China-Germany cooperation, warns against protectionism
Foreign officials have hailed China's efforts and leading role in promoting global green transition and international environment cooperation at the ongoing 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) , or COP29. COP29 kicked off in Azerbaijan's capital city of Baku on Nov 11 and will run until Nov 22 . This year's climate conference aims at seeking a new climate change funding goal to replace the existing collective target of mobilizing and providing 100 billion U.S. dollars annually by developed countries in support of developing countries.
The conference also focuses on such topics as global carbon trading market, as well as global energy transition from fossil fuels.
"Azerbaijan has made significant progress in reducing greenhouse gas emissions, and the cooperation with Chinese partners has developed rapidly. I firmly believe that cooperation with Chinese companies will continue, and we will witness the introduction of numerous new technologies in Azerbaijan. Investors working in Azerbaijan will also be eager to collaborate with Chinese companies," said Javid Abdullayev, director of the Renewable Energy Agency under the Azerbaijani Ministry of Energy.
"I think China has been very impressive in the way they have been able to scale up the renewable energies, solar, wind, some hydro power, [like the one] in the Three Gorges Dam. I think the electric vehicle industry in China has taken off in an unbelievable way. I think you are beginning to be the leader in battery technology, in some of the fast charging technologies, even in the recycling of battery technologies," said Peter Bakker, president and CEO of the World Business Council for Sustainable Development.
"We have now a very robust cooperation between Nigeria and China. Recently we were invited to Beijing, where we had a discussion on the area of solar panel. In Nigeria, we are also looking and trying to tap from China in doing our green industrialization. But the most important that we are looking at is the issue [of] clean energy," said Nigerian Minister of Environment Balarabe Abbas Lawal.
"We think China is a major player. We do see that your actions are actually greater than you promote. South-South cooperation and partnership will be very important for us for technology and capacity building. As you know, the costs of transitioning away from a fossil-fuel-dependent economy is very expensive. Antigua and Barbuda needs access to affordable technologies, including renewable energy based technologies like solar panels," said Antigua and Barbuda's Climate Change Ambassador Ruleta Camacho-Thomas.
"China is the champion in the cause, is leading the world. They have done [not only] the biggest investment like I've said, but also [is] supporting us in technical assistance, in technology transfer, capacity building, but also the police and regulatory frameworks, but also increasing awareness," said Brian Isabirye, commissioner for Renewable Energy of Uganda's Ministry of Energy and Minerals Development.
Foreign officials hail China's efforts, leading role in global green transition
