Host Dr. Elizabeth Economy sits down with Joerg Wuttke to discuss his 30+ years doing business in China, the systemic challenges facing the Chinese economy, what the future holds for the China-EU relationship, and buying 160 million masks for then German Prime Minister Angela Merkel during the pandemic.
Wuttke provides insight into the dramatic changes in China’s business environment from his seat as BASF’s chief representative in China and head of the European Union’s Chamber of Commerce in China. He shares how he navigated the Chinese system to build one of the country’s most successful joint ventures, dealt with the endemic corruption in the Chinese bureaucracy, and steered BASF through the COVID lockdowns. He describes the current challenging environment for foreign companies: the departure of young talent, the growing competitiveness in many sectors of Chinese homegrown business, the primacy of Chinese Communist Party ideology over economic development, and the uneven playing field created by Beijing to advantage Chinese companies.
In his reflections, Wuttke describes his time working in China during the 1980s as the “best and worst of all times,” as he witnessed the stunning transformation of the country. Yet under the rule of Xi Jinping, he describes a vast surveillance state becoming increasingly unfriendly to the private sector—including both Chinese companies and multinationals. And while a thaw in relations may be unlikely, Wuttke encourages listeners to travel to China, to appreciate the culture, and to remember that the “party is not the country”.
Recorded on December 5, 2024.
