European Council: 'China is taking over Europe'

Liang Wengen, China's third richest man launched a new $140 million factory amid considerable fanfare. Liang's firm, Sany is building the new factory in the town of Bedburg near the Rhine River just west of Cologne, in Germany's industrial heartland. While public officials celebrated the move, the cooperation with Germany also holds warning signs for the industrial giant, and by extension the United States, as China gains economic influence and global know-how.

Adding to the two nations' growing industrial ties, Premier Wen Jiabao landed in Berlin and was greeted by German Chancellor Angela Merkel. Wen brought with him 13 ministers who held a joint cabinet meeting with Merkel's government - a gesture of closeness Germany has never made to a country outside Europe, except Israel.

Both China and Germany have signed 14 new agreements and China inked $15 billion in new business deals, including the purchase of 62 new Airbus A320 passenger jets.

While this comes as positive economic news for a struggling world economy, some observers fear the emerging Asian giant is poised for a European invasion. Germany's economic boom is in large part thanks to China, which is now its third largest trading partner after France and the United States.


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