Social and Economic Challenges in Germany and China - Effects on Growth, Employment and Currencies

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KAS | Beijing and the Social and Economic Governance Programme Asia organised a lecture with Dr Michael Fuchs, MdB, which addressed the challenges that German and Chinese markets are facing in the economic crisis.

The principles of the social market economy are at the centre of Germany’s regulatory politics. In these policies a fair competition which secures growth and wealth, plays an important role. Furthermore, Germany’s social market economy also consists of an ethics of responsibility, which is based on long-term growth with a social safety net. The current debt crisis poses a threat to the solidarity among EU member states. At the same time, it reveals mistakes that have been made right when the Euro zone was founded. As a consequence of a variety of stability mechanisms that was introduced by the Euro zone in the previous weeks, Dr. Michael Fuchs concluded his lecture in a positive tone: Europe and Germany in particular are facing a promising future.

Dr. Michael Fuchs indicated that in the future, the significance of individual countries will increasingly fade in the context of a globalised world. In this process, it is indispensable to place much importance on economic zones. As such, the Euro zone would no doubt benefit from a closer cooperation among its member states. This involves the striving for harmony within the EU by means of unifying labour market policies, such as the age of receiving pension, as well as social safety nets. Furthermore, the safeguarding of national sovereignty is a cornerstone in this process, and will no doubt become a great challenge in the future.

At this expert round, Chinese researchers and members of Think Tanks had the opportunity to discuss political economic issues around China, Germany and Europe with Dr. Michael Fuchs MdB.

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China, July 12, 2012

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Logo: Konrad-Adenauer-StiftungChina Office