China-Germany ties enhance business co-op

BEIJING -- Experts and businessmen said Thursday that China and Germany have made great achievements in cooperation related to economics, trade, science and technology since the two nations established diplomatic ties 40 years ago.

Bilateral trade expanded to $169 billion in 2011 from only $275 million in 1972, said Professor Wang Zhile, an employee of a multinational company research institute under the Ministry of Commerce.

Germany had established more than 7,000 companies in China as of the end of 2011. It had also invested in over 7,500 projects, with accumulative investment in China over the past 40 years exceeding $19.3 billion, Wang said at a forum held in Beijing.

During the period, Germany also exported almost 16,000 forms of technology to China. The contracts' value topped $50 billion, accounting for 38 percent of the total contract value of China's technology imports from the European Union, according to Wang.

"Investment by German companies has not only boosted China's economic growth and development in its modern industries, but also played a positive role in promoting the development of friendly ties between the two nations," Wang said.

Wu Jianmin, vice-president of the China Institute for Innovation and Development, said rapid development in bilateral economic and trade relations is the result of the mutually complementary nature of the two economies.

German ambassador to China Michael Schaefer said cooperation between Chinese and German enterprises is oriented toward the two countries' long-term strategic partnership.