Business delegation creates win-win Europe situation

(Xinhua)
Updated: 2009-03-01 09:01

BRUSSELS -- A Chinese trade and investment delegation brought more than just money with it when it went on a recent shopping spree in Europe, local media says.

The delegation's trip, according to local reports, was a bit of an antidote to Europe's declining economy amid the ongoing global financial crisis.

"The Chinese procurement delegation to Europe brought a ray of dawn light to Germany's auto industry," said German newspaper Sud-deutsche Zeitung.

The business delegation, led by Commerce Minister Chen Deming, purchased billions of dollars worth of products and technology from Germany, Switzerland, Spain and Britain during its Feb.24-28 tour.

Creating win-win situation for China, Europe

The delegation's visit not only brought "warmth" to Europe, but laid a sound foundation for China and Europe to jointly cope with the financial crisis.

The trip was an important follow-up action to Premier Wen Jiabao's visit from Jan. 27 to Feb. 3 that gave new confidence and momentum to Europe.

Wen, on many occasions, has said that confidence is more important than gold during the world's handling of the financial crisis. Saying from this viewpoint, the delegation has sent something more precious than gold to Europe.

Chinese companies, which were part of the delegation, signed procurement contracts worth more than 10 billion US dollars with Germany, the biggest economy in the European Union and the biggest exporter in the world.

Die Welt newspaper said Germany's recession, the most severe in decades, would be lessened by the Chinese orders.

Swiss Economy Minister Doris Leuthard called the agreements between Swiss and Chinese companies "good news to our businesses."

"They signed contracts which will safeguard jobs and strengthen the cooperation between Swiss and Chinese companies in different fields in our economy," she said.

The visit brought a double-win situation for Europe and China, as Chinese companies didn't waste money when buying products and technology from Europe.

Chen told Xinhua recently that the products and technology, most of which were advanced, would be essential to facilitate the adjustment of China's economic structure and growth.

Yankuang Light Alloy Co., Ltd signed a contract worth 57 million euros (around 73 million US dollars) with SMS Meer of Germany to import four extrusion production lines.

The contract was the biggest single deal for SMS Meer in recent years, and it was a vital agreement for the German company, said Yan Jitai, chairman of the Chinese alloy company.

One of the production lines, Yan said, was the biggest in the world, which would boost the production and the competitiveness of his company.

"We benefit a lot from this trade and investment tour," Yan said.