Leaving China, long-time EU trade group chief says investors remain keen, but with more reservations
- Joerg Wuttke, president emeritus of the European Union Chamber of Commerce in China, is departing after four decades in the country
- Multinationals still want to invest, he says, but obstacles include overcapacity in manufacturing and a lack of candour from top leadership
Multinational companies remain willing to invest in China, but worsening overcapacity in the manufacturing sector, Beijing’s push for self-reliance and lack of candour of top leadership have eroded its allure, according to one of the most influential and outspoken foreign business leaders in the country.
“It’s something where the size of the market matters big time,” Joerg Wuttke, president emeritus of the European Union Chamber of Commerce in China, said during an interview with the South China Morning Post in Washington.
The US capital is where the 65-year-old will settle with his family starting in July, when he will step down as chief representative of German chemical giant BASF in Beijing – a role he has held since 1997. The views he expressed in the interview only represent his position in the EU chamber.
“It has been the most amazing journey,” the German executive spoke of his four decades in China, witnessing the country’s emergence from the dark days of the Cultural Revolution and growing to become the world’s second-largest economy.
