eu policy vis a vis china, germany is now leading the way to have a stronger european position but not only in a defensive way, meaning to fend off unequal and unfair practices from china, but also in a more assertive way. after all, we can be rather self confident in the systemic rivalry. in the systemic rivalry we are entertaining with china because the european union is a strong and innovative single market and we are really competitive. 0ur companies are competitive and we need to strengthen the hand of our companies in this global competition. i want to ask you specifically about trade and the economy because on the one hand, germany wants to reduce dependence on critical technologies but german car companies sell about a third of their vehicles in china. and in april, the chemicals company basf announced their plans to spend 10 billion euros on a new chemical production complex there.
and their chief executive martin brudermuller said the following at the company s earnings conference quote: so, the question, mr schmid, is germany at this pointjust too dependent on china to be able to de risk? well, it s an interdependency. china is also very much dependent on the european single market for her exports. but it s right, german companies need to diversify, and this document makes it very clear to all these companies that there will be no government bailout in case of a crisis or of a shutdown of the chinese market for whatever reason. and so, basf and volkswagen entertain their relationship with the chinese market at their own risk and there will be no government funds available in case of a meltdown of the chinese market.
is a strong and innovative single market and we are really competitive. 0ur companies are competitive and we need to strengthen the hand of our companies in this global competition. i want to ask you specifically about trade and the economy, because on the one hand, germany wants to reduce dependence on critical technologies but german car companies sell about a third of their vehicles in china. and in april, the chemicals company basf announced their plans to spend 10 euros billion on a new chemical production complex there. and their chief executive martin bruderm ller said the following at the company s earnings conference, quote, without the business in china, the necessary restructuring here in germany would not be so possible, namelyjust one investment in europe where we could make money . so the question, mr schmid, is germany at this point just too dependent on china to be able to de risk? well, it s an interdependency. china is also very much dependent on the european single