US Policy On China Will Fail, Germany’s Policy Failed Long Ago – Mish Talk


COCSO image from Tweet Below

COCSO image from Tweet Below

China’s Cosco Stake in Hamburg Port Unleashes Protest

On October 26, Reuters reported China’s Cosco Stake in Hamburg Port Unleashes Protest

The German cabinet allowed China’s Cosco to buy a stake in a terminal in the country’s largest port on Wednesday in a decision pushed through by Chancellor Olaf Scholz that triggered unprecedented protest within the governing coalition.

With the support of Scholz’s Social Democrat-led ministries, the cabinet approved a 24.9% stake investment by Cosco in one of logistics firm HHLA’s (HHFGn.DE) three terminals in the Hamburg port.

But the painful experience of being too dependent on Russian gas has changed many politicians’ attitude towards strategic foreign investment. The foreign ministry was so upset over the approval that it drew up a note on the cabinet meeting documenting its rejection.

The investment “disproportionately expands China’s strategic influence on German and European transport infrastructure as well as Germany’s dependence on China”, the document, seen by Reuters, says. It points to “considerable risks that arise when elements of the European transport infrastructure are influenced and controlled by China – while China itself does not allow Germany to participate in Chinese ports”.



Read More: US Policy On China Will Fail, Germany’s Policy Failed Long Ago – Mish Talk

2022-10-30 08:38:09

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