FRANKFURT: Germany's vice chancellor and economics minister, Robert Habeck, has reduced liability for investments by German companies in China by around €5 billion since taking office, German news magazine Der Spiegel reported on Thursday .
Four extension applications worth €554 million were not permitted and new applications amounting to four billion euros were not accepted for decision. As a result, the number of newly approved applications for state guarantees in China transactions fell to nine last year from 37 in 2013. According to the report, only five permits have been granted this year.
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