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The number of German companies that have ignored the risks of too much dependence on the Chinese market is striking, said German Chancellor Olaf Scholz, stressing the need to diversify, reports Reuters.

"The importance of the Chinese market needs no explanation," he said, but the goal is not to be dependent on any one market. "I am therefore surprised at how dependent some companies have made themselves on individual markets and have completely ignored the risks," Scholz told the magazine.

Such dependencies show Germany needs to be more active in raw materials such as lithium and cobalt. "Even in mining, we can't afford to be comfortable any more," added the chancellor.

In early November, Scholz became the first Group of Seven (G7) leader to visit China since the COVID-19 pandemic.

He made the trip in the face of criticism within his coalition over relations with Beijing. Scholz tried to strike a balance between ensuring a level playing field for European companies and ridding Germany of its heavy reliance on the Chinese market.

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