The Federal Chancellery is apparently planning to sell shares in the Hamburg port operator HHLA to the Chinese shipping company Cosco, although six ministries advise against it.
Despite warnings from all the relevant ministries, the Chancellery apparently wants to sell parts of the Port of Hamburg to a Chinese state-owned company.
According to information from NDR and WDR, all six ministries involved in the investment review have rejected the deal. According to the research, however, the Chancellery is pushing for the entry to take place.
The Chinese shipping company Cosco intends to take over shares in the port operator HHLA and to hold more than a third of the Hamburg container terminal in Tollerort. Because this is critical infrastructure, the leading Ministry of Economics had started an investment review process and, according to the research, had already registered the issue for final rejection in the Federal Cabinet. However, the Chancellery did not put the test procedure on the agenda. A cabinet decision, which is necessary for a ban, could not be taken. Instead, according to information from NDR and WDR, the Chancellery has instructed the departments involved to look for a compromise so that the deal can still be approved.
According to the research, in addition to the changed geopolitical situation, two points in particular were cited for the rejection by the Ministries of Economics, Interior, Defence, Transport and Finance as well as the Foreign Office: Cosco should not only receive a purely financial stake, but a managing director and get a say in decisions. Since China is already the port’s most important customer, the planned participation in the container terminal could create a “potential for blackmail”. The EU Commission has reportedly spoken out against it.
When asked, the Ministry of Economic Affairs only stated that it would not comment during an ongoing process. A government spokesman replied that the Chancellery would not comment on ongoing investment review procedures “with regard to the impact of business and trade secrets of the companies involved”. Cabinet issues would be decided by State Secretary meetings. According to the Chancellery, there will be no reports from these working sessions.
Rolf Langhammer from the Kiel Institute for the World Economy explains in the ARD Magazin Panorama (NDR): “The long-term strategy of the Chinese could of course consist of seizing control of the entire supply chain, both digital and maritime in Europe.” China could do one with that Get a competitive advantage or initiate an “abuse of economic power”.
According to the information, time is of the essence: if the federal cabinet does not make a decision and no extension of the deadline is agreed, the deal would automatically come about according to the law. According to the current status, that would be the case at the end of October – shortly before a planned visit to China by Chancellor Olaf Scholz (SPD).
A serious accusation has also been voiced by German business circles: the Chinese side is said to be putting pressure on German companies. Specifically, it says that the embassy recently contacted German companies directly. One should work for the Chinese entry into the port of Hamburg – otherwise there would be consequences for one’s own business. When asked, the Chinese embassy did not comment on the accusation, instead referring to a previous statement by the foreign ministry spokeswoman: It is hoped that Germany will remain true to principles such as those of the open market – instead of politicizing normal economic relations.
