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Event Reports

Optimistic outlook despite the current crisis

German Federal Minister of Finance Dr. Schäuble visits KAS Shanghai

Feb. 26, 2016

provided by: China Office

Also available in Deutsch, 中文

The German Federal Minister of Finance Dr. Wolfgang Schäuble as well as 400 guests and numerous media representatives attended the jointly organized Chamber meeting of Konrad-Adenauer-Stiftung and the German Chamber of Commerce in Shanghai on the topic of economic and fiscal challenges in 2016.

In his welcoming speech Tim Wenniges, Head of the KAS office in Shanghai, pointed out important tasks for Europe as well as China in future times. But next to all the problems he also expressed confidence for the future development in China as a consequence of the spirit and resolve of the Chinese society.

In a moderated discussion with Titus von dem Bongart, chairman of the German Center of Commerce in Shanghai, Minister Dr. Wolfgang Schäuble openly expressed his appraisals. Topics of the discussion were the European integration process, Chinas role in the world and the challenges for Europe in the migrant crisis.

China's increasing engagement in global affairs, especially its interest in the AIIB (Asia Infrastructure and Investment Bank) should be seen in the light of the stabilizing role of development banks in the global economy. Dr. Schäuble welcomed Chinas will to assume more responsibility within regional and global initiatives. It will also help to set the basis for fair competition in trade policy, but at the same time clear guidelines have to be obeyed.

Dr. Schäuble optimistically pointed out his firm believe that Europe will emerge from the current migrant crisis even stronger than it was before. Due to this crisis there will be change in Europe, but the people do not have to be afraid of it. In its actions, Germany demonstrated responsibility and therefore contributed to save the reputation of the European Union.

He emotionally stressed the importance of the United States of America for Europe. Mr. Schäuble expressed confidence that the US will maintain its important leadership role in geopolitical crisis also in the future.

The German Federal Minister of Finance gave in-depth explanations to questions from the audience. He pointed out that the G20 summit was founded as an instrument to confer more stability on the world economy and the global financial system. Also the European monetary situation would be significantly more resilient towards crisis than before.

Dr. Schäuble concluded with an optimistic outlook, by stressing that Germany’s experience in the post-war years, the European integration process and the German reunification would all be positive examples that demonstrate that the current crisis can be overcome.


Tim Wenniges

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