German Industry Faces Unprecedented China Challenge
German industry is observing a rapid shift in its position towards China, according to Oliver Richtberg, head of the foreign trade department at Germany’s Mechanical Engineering Industry Association (VDMA). The VDMA represents over 3,000 German manufacturers.
The machinery industry has not previously encountered a challenge comparable to China.
Richtberg noted that this level of competition from China has highlighted existing weaknesses within the industry. He further projected that significant Chinese competition is expected to reduce the total number of German machinery jobs below 1 million this year.