German finance chief Olaf Scholz rebuffs criticism that his country isn't spending enough

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Germany's finance chief has rejected widespread criticism that his country is not investing enough.

However, speaking to CNBC in an exclusive interview, German Finance Minister Olaf Scholz has made it clear that Germany is "not willing to have extra debts."

's government to spend more has gained more prominence over the last year following weaker economic data. In particular, Germany's powerful manufacturing sector has been hit significantly due to world trade conflicts.German factory activity recorded its eighth month of consecutive contraction in August. Weaker demand is leading to lower production and job cuts.

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