The planned sale of parts of the Port of Hamburg to the Chinese state-owned company Cosco is causing discussions at the federal level.
(Photo: IMAGO/Nikita)
Berlin The responsible ministers agreed on a compromise on Monday in the dispute over the participation of the Chinese state-owned company Cosco. According to information from the Handelsblatt, the Chinese should not be able to participate with 35 percent as planned, but with 24.9 percent.
This is to prevent the state-owned company from influencing the decisions of the operating company of the port terminal in question. The “Süddeutsche Zeitung” had previously reported on it.
The Federal Foreign Office objected to Cosco’s involvement until the very end. Foreign Minister Annalena Baerbock (Greens) has two main concerns: On the one hand, Chinese companies like to use salami tactics when making purchases, such as at the port in Piraeus. Cosco was initially only involved with 51 percent, but now the stake is 67 percent.
China has been systematically investing in ports in Europe with its state-owned companies for years. According to a recent analysis by the China researcher Tim Rühlig from the German Council on Foreign Relations (DGAP), Chinese state-owned companies are now involved in at least 18 ports in Europe. “If you look at the EU internal market, the dependency is already serious,” says DGAP expert Rühlig.
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Another concern of the Federal Foreign Office: The signal effect that emanates from an approval. After experiencing dependence on Russian gas, Germany is currently being viewed very critically within Europe, but also by other partners such as the USA, in terms of economic dependencies – which experts believe the Federal Republic is undoubtedly entering into with the participation of the Chinese state-owned company.
Expert: “This deal will make Europe more dependent on China”
“The problem is not in the 35 percent itself or in which subsidiary the stake is held,” said Jacob Gunter, China expert and senior analyst at the Berlin think tank Merics. It is about the stronger position that Cosco will gain in the European shipping market. “This deal will inevitably make Europe more dependent on China for maritime transport, an industry which we have learned from the pandemic is affecting all sectors of the economy.”
An analysis by the Federal Ministry of Economics, reported on by the “Frankfurter Allgemeine Zeitung”, came to a similar conclusion. The planned acquisition is expected to result in China having a much stronger influence on port operations and merchant shipping in Germany and the EU. The conclusion of the specialist department: The deal should be prohibited.
Economics Minister Robert Habeck was also very skeptical about the deal. “I tend in the direction that we don’t allow that,” he said recently.
It is unclear how the process will continue. A first deadline for a ban would expire on October 31. If no decision has been made by then, it would have to be extended. Otherwise the deal is considered approved.
More: “No objective reasons” – This is how the Hamburg port operator defends the China deal