China signs up for $14 billion worth of German goods
Guttenberg and Chen at the signing ceremony
Daylife/AFP/Getty Images
Germany and China just signed trade agreements worth $14 billion as a delegation from Beijing launched a European buying trip aimed at combatting the global economic downturn.
Deals involving 36 companies focused on the electronics, automotive, textile and medical industries among others.
“With this, both countries have set a clear sign against the economic crisis,” German Economic Minister Karl-Theodor zu Guttenberg told reporters at a joint news conference with Chinese Commerce Minister Chen Deming following a ceremonial signing of the deals.
Both ministers said the move was intended to demonstrate their nations’ rejection of protectionism and support of open markets as the best instruments to combat the international financial crisis.
“China and Germany are the world’s leading exporting nations. These agreements set a good signal for the whole world,” said Chen.
No doubt Bobby Jindal and the rest of the Herbert Hoover brigade will ask for TV time to oppose the agreements. After all, they don’t bear the stamp of approval of great economists like McCain and Bush.
