Well, there is quite a bit of hyperbole in that article. BASF is NOT shutting down much of its European operations. The company's CEO is lobbying extremely hard to get (German) state support, that's why he delivers the theater. BASF continues to operate the world's largest chemicals complex in Ludwigshafen, Germany. Just to put things in perspective: that facility has 30+ power stations and 150 different factories. It took BASF more than 100 years to build. Its USD 10bn facility in China is big but a midget compared to Ludwigshafen. Indeed, BASF's CEO, along with those of the big three German automakers are against de-risking. Yet, the data shows that apart from these four players, almost all German companies started to hold back new investments in China as early as in 2020. Recent surveys suggest that most of them are planning to relocate from China with Vietnam and Central Eastern Europe being the primary destinations. Germany is very much on track to limit its exposure to China with a few dinosaurs holding out.