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CNA: German Government Plans to Reject Chinese Investment in Port of Hamburg

Primary Taiwanese news agency Central News Agency (CNA) recently reported that, in order to avoid increasing its dependence on China, the German government intends to veto the Chinese shipping giant China Ocean Shipping Company (COSCO’s) stake in the container terminal of Hamburg, Germany’s largest port. Hamburg is an important trans-shipment station for European and Chinese sea routes. Currently, one third of the containers handled by the Port of Hamburg come from or are about to be shipped to China. A year ago, Hamburg Hafen & Logistics (HHLA), which operates the Port of Hamburg, confirmed that Chinese state-owned  COSCO planned to buy a 35 percent stake in the Tollerort container terminal. German Economy Minister Robert Habeck intends to veto the deal, fearing that COSCO’s stake will increase its reliance on China. In recent years, Germany has become cautious about economic cooperation with China. Political circles generally have doubts about COSCO taking a stake in the Port of Hamburg terminal, and are unwilling to let the terminal and other infrastructure construction fall into the hands of China. The German government that came to power at the end of last year has set a policy goal of reducing its dependence on China. It is expected to announce a new China strategy early next year, reflecting its tough stance on China.

Source: CNA, August 23, 2022