Brad Setser: German auto exports to China drop sharply, exposing economic risks

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Ashutosh Sureka

03.07.2026

Brad Setser: German auto exports to China drop sharply, exposing economic risks — German car exports to China slump

Brad Setser highlights that Germany's auto exports to China accounted for about 0.6 percentage points of German GDP. Losing more than half of this market in a short period represents a significant shock to the German economy.

Setser emphasizes the broader risks of relying heavily on external, especially Chinese, demand to support vital sectors of a country's economy.

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Setser has recently flagged significant changes in China’s international financial position. He noted that China’s state financial system and banking sector are nearing $6 trillion in net foreign assets. Separately, Setser observed that China’s holdings of U.S. Treasuries with American custodians have fallen to an 18-year low.

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