German Economy Minister Katherina Reiche speaks to reporters in Beijing May 27, 2026. — Reuters pic (New users only) It's tax relief season! Get up to RM300 when you save with Versa! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min. cash-in of RM100 today. T&Cs apply. Wednesday, 27 May 2026 4:04 PM MYT BERLIN, May 27 — German Economy Minister Katherina Reiche today in Beijing said a modern economic relationship requires both cooperation and competition.“Competition makes us stronger, cooperation creates stability and innovation creates shared progress,” Reiche said on her first trip to China.Germany, the world’s third-largest economy, has been particularly exposed to rising protectionism and global trade shifts, squeezed by rising competition from China as well as import tariffs from the US.With a trade volume of around €250 billion (RM1 trillion), China was again Germany’s largest trading partner in goods in 2025 and around 5,000 German companies are currently active in China.Competition must be of mutual benefitReiche stressed that Germany is seeking dialogue with China because fair competitive conditions are required.“Our companies do not shy away from competition,” Reiche said. “But competition must be shaped and organised in such a way that it is of mutual benefit.”German exports to China fell by around 10 per cent in 2025 to about €80 billion, while imports from China rose to around €170 billion, resulting in a trade deficit.The minister is travelling with a delegation that includes top executives from BASF, Thyssenkrupp and Siemens Energy, among others.Thyssenkrupp CEO Miguel Lopez said fair trade remained key, but it was also crucial that Chinese companies were being welcomed in Europe, similar to German firms when they went to China decades ago.“We have received a great deal of support from the Chinese government and we have now reached a point where, in my opinion, this should work just as well in the opposite direction,” he told broadcaster ZDF yesterday.“We welcome investment by Chinese companies in Germany,” Reiche said today. “Many are active and here too investments are increasing.”Access to rare earths remains a key topicThe visit comes three months after German Chancellor Friedrich Merz’s trip to China, a visit that sought to reset ties based on some key dependencies, most notably in rare earths.Reiche said she spoke with Chinese counterparts about having “reliable access” to critical minerals for German companies, without giving further details.Reiche praised industrial technology and innovation in China, adding that Germany and China are linked by one of the most important economic relationships in the world.“Our shared interest is to keep these relations stable,” Reiche said. “Stable, respectful, reliable, fair and focused on balance.” — Reuters