German Chancellor Friedrich Merz concluded a three-day visit to China, which did not yield breakthrough economic agreements. The head of government focused on issues of overproduction and market barriers, meeting with President Xi Jinping. The visit, criticized by some media for its overly soft tone, serves as a prelude to Merz's crucial trip to the USA, where on Tuesday he will meet with Donald Trump regarding tariffs.
Electronic payments are becoming more popular than cash
Last year, the number of cashless payments amounted to 70.1 billion EUR, and this year it is expected to exceed 100 billion EUR.
The UK and Nordic countries are leaders in digital payments
In the UK, card payments and transfers account for almost half of all payment transactions.
Consumers are increasingly less likely to use cash
Most consumers in the UK and Nordic countries cannot imagine returning to exclusively cash-based payments.
E-commerce drives the growth of digital payments
The dynamic development of e-commerce contributes to the global growth in the value of online transactions.
Chancellor Friedrich Merz's visit to the People's Republic of China was marked by a difficult balancing act between economic interests and growing geopolitical tensions. While the Chinese side, represented by state media, speaks of a "new impetus" in mutual relations, European commentators point to a lack of tangible successes and prestigious business contracts. During talks with Xi Jinping, Merz raised the issue of Chinese overproduction and subsidies, which harm the competitiveness of European industry. However, the German leader had to weigh his words due to the immense dependence of domestic corporations on that market, starkly illustrated by drastic price cuts for Volkswagen cars in China. A symbolic, yet controversial point of the visit was a fighting robot demonstration organized by Beijing for the Chancellor. This event was interpreted by some observers as a manifestation of China's technological superiority over traditional German engineering. At the same time, criticism of Merz's stance is growing in Europe, with some commentators comparing it to Angela Merkel's policy towards Russia, accusing him of excessive submissiveness in the hope of stabilizing trade. The Chancellor, however, clearly stated that dialogue is essential to avoid an open trade war, which would be devastating for the medium-sized German economy. German-Chinese relations are based on a foundation created in the 1970s, when West Germany, as one of the first Western countries, recognized Beijing's economic potential, leading to the current deep economic interdependence.Immediately after returning from Asia, Friedrich Merz is preparing for another, perhaps even more difficult diplomatic mission. On March 2, the Chancellor will travel to Washington to meet with President Donald Trump. The main goal of this trip is to present the joint position of the European Union on the import tariffs announced by the new US administration.