It’s not just policymakers expressing concerns about Germany’s strong economic ties with China; investors are also raising red flags. Union Investment, the second-largest fund manager in the country with assets under management of around 432 billion euros, is cautioning against excessive dependence on the People’s Republic. According to a study covering nearly 2,000 publicly traded companies worldwide, Union Investment notes that „no other country, not even direct neighbors of China like Japan and South Korea, has so many large companies with high China exposure„. This applies to almost a quarter of all examined German companies.