Germany’s relationship with China is undergoing a profound transformation. For decades, Berlin treated China primarily as an engine of opportunity: a market for German exporters, a production base for global firms, and a pillar of industrial profitability. That approach was rooted in a broader German strategic culture often summarized as “Wandel durch Handel”—the belief that trade and interdependence could moderate political differences and, over time, encourage convergence. Today, that paradigm is giving way to a much less optimistic model. Germany still seeks to preserve economic ties with China, but it is increasingly attempting to do so under the logic of de-risking: reducing strategic vulnerabilities while continuing selective engagement. This shift…