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Why Germany Isn’t Panicking Over China

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Germany is taking recent market volatility “very seriously,” but a finance ministry official told CNBC there was no reason to panic.

Jens Spahn, the parliamentary state secretary for Germany’s Federal Ministry of Finance, said Germany’s economy was relatively insulated from the global stock sell-off, despite its trade ties with China.

“Germany is one of the biggest exporters in the world. Our car industry depends on what happens in China,” he told CNBC on Wednesday at the Handelsblatt Banking Summit in Frankfurt.

“But we are not panicking because we have growing domestic demand and salaries. And so far, besides stock markets, we don’t see any impact [on the economy]—but we’re taking it seriously.”

Global markets have faced extreme volatility over the past two weeks sparked by turmoil in Chinese stocks and fears over a slowdown in Chinese growth, following a raft of disappointing economic data.

CNBC

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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