Germany’s Economics Minister Karl-Theodor zu Guttenberg said Wednesday, Feb. 25, in a statement on his ministry’s Web site that a “lion’s share of the contracts are going to German companies.” Guttenberg labeled the deals an “excellent message for Germany’s export economy,” which has been hit hard by the global economic slump and is currently in a recession. Thirty-six contracts were sealed in total, with German automakers Audi, BMW, Daimler and VW securing Chinese business, news agency AFP reported. The global auto industry is under particular pressure with worldwide sales having plunged since the financial crisis took hold late last year. Chinese Trade Minister Chen Deming is currently leading a delegation of more than 200 Chinese companies on a tour of Germany, Spain, Britain and Switzerland to clench deals with auto, electronics and technology firms. Ministers: No place for protectionism Guttenberg, left, and Chen argued against protectionism At a meeting in Berlin, Chen and Guttenberg said free trade and anti-protectionism were integral to helping Germany and China through the global economic downturn. “Protectionism will not save the global economy, it will deepen the crisis,” Chen said, speaking through an interpreter. “We want to remain committed to opening up. We will not… Read full this story
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