Federal Minister Kocher conducted a working visit to China from October 14 to 20, 2024, accompanied by a delegation of officials and a business mission led by WKÖ Vice President Wolfgang Hesoun. On October 18, 2024, he met with the Chinese Minister of Commerce (MOFCOM), Wang Wentao, to review the status of Austria-China economic relations, addressing current challenges and business concerns. Both ministers acknowledged further potential in strengthening economic relations and resolving trade disputes through negotiation. Minister Kocher advocated for fair competitive conditions in trade and investment between Austria and China.
The economic agenda of the trip also aimed at connecting Austrian suppliers with Chinese electric vehicle manufacturers. In this context, Kocher visited companies including Nio, Saic ("MG"), and a Magna plant. At an economic forum organized by ICBC, Austria was highlighted as a strong economic partner and investment location.
Economic Relations
General Overview
Austria and China maintain a "friendly and strategic partnership," while the EU views China as a "partner, competitor, and rival."
For China, Austria plays an important role as a hub for business with Central and Eastern Europe. Chinese companies like ICBC Bank and the rail manufacturer CRRC have established Central and Eastern European headquarters in Vienna.
Investments
Austria in China: There are over 900 branches of 650 Austrian companies in China, with a direct investment volume exceeding €6.3 billion (not including investments via third countries), employing more than 24,000 workers. Most Austrian investors in China produce “in China, for China” and are often part of global supply chains.
China in Austria: Approximately 50 Chinese companies and banks have invested around €3 billion in Austria (primarily in Vienna), employing about 3,000 people.
Foreign Trade
With a trade volume exceeding €20 billion in 2023 (Austrian imports €15.2 billion, a decrease of 13%; Austrian exports €5.1 billion, a decrease of 4%), China remains Austria’s most important trading partner in Asia and its fifth most important trading partner globally. After Germany, China is Austria's second-largest source of imports and the eleventh-largest export market, resulting in Austria’s largest trade deficit with any country. In the first half of 2024, Austrian exports to China rose by 9.7%, while imports from China fell by 10%.
