German finance minister seeks better market access in China talks

German Finance Minister Lars Klingbeil stressed the importance of fair competition and better market access for German companies on Sunday ahead of a trip to China.

"Access to critical raw materials and the reduction of Chinese overcapacity in sectors such as steel and electromobility are of great importance for the economy and jobs in Germany," Klingbeil said before departing for Beijing, where he is due to arrive on Monday.

"We do not shy away from competition, but it must be fair," he added.

Klingbeil is the first German minister to travel to China since the conservative-led government took office in May. Foreign Minister Johann Wadephul postponed a planned trip a few weeks ago because he was unable to secure sufficiently high-ranking discussion partners in Beijing.

"We are seeking dialogue with China in order to find solutions to pressing problems despite growing international tensions," Klingbeil said.

He said he wants to discuss more intensive cooperation in the financial sector as well as better market access for German companies.

China's possible influence in the Ukraine war will also be a topic of discussion, he said, adding: "China plays a decisive role when it comes to ending this war."