gundam13 Fan de T-1000 | Citation :
Germany’s economy will shrink by 5% this year due to the impact of the coronavirus pandemic, Bild am Sonntag said, citing calculations taken from the government’s supplemental budget.
The government is expecting to take in 33.5 billion euros ($35.8 billion) less in taxes and other income this year than initially forecast, the newspaper said. The government will also have to pay for more than 2 million workers doing shortened work hours, translating into about 10 billion euros in extra spending.
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An increasing number of Chinese firms in Germany have reported revenue losses and fear for their business prospects, and some of them say they may leave because of growing uncertainties, a survey conducted by the Chinese Chamber of Commerce in Germany found.
How long will the novel coronavirus persist in the country or how long Germany's restrictive policies to curb the virus will remain, is the biggest uncertainty weighing on Chinese firms, Duan Wei, the Chamber's chief executive officer, said in an interview with the Global Times.
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Some German partners have halted their cooperation with Chinese firms, and many projects have been delayed or canceled due to the spreading coronavirus pandemic, he noted.
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"If auto plants in Germany suspend production and no longer require spare parts from Chinese companies, there is a possibility some will shift business elsewhere," Duan said.
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In 2019, bilateral trade between China and Germany hit 205.7 billion euros ($224 billion), the Xinhua News Agency reported. China has remained Germany's most important trading partner for four consecutive years, and is of particular importance to the country's machinery, auto and chemical engineering sectors.
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"Some say the virus will not be eliminated in Germany within a short timeframe and may even persist for one to two years," Duan said. "If so, it would pose great challenges to all firms in Germany, including those from China."
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https://www.globaltimes.cn/content/1183123.shtml |