China, Germany ink $15 billion in deals
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China.org.cn, June 29, 2011
China and Germany Tuesday signed deals worth more than $15 billion in Berlin with a highlight of China's purchase of 62 A320 aircraft from Airbus SAS.
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Premier Wen Jiabao, accompanied by German Chancellor Angela Merkel, inspects an honor guard on Tuesday during a welcome ceremony at the Chancellery in Berlin. [Photo/China Daily via Agencies] |
Both Premier Wen Jiabao and German Chancellor Angela Merkel attended the signing ceremony as two countries set a target of doubling their annual trade to 200 billion euros ($284 billion) by 2015.
The 14 signed deals also include an electric car project between German auto giant Volkswagen and its Chinese partner FAW and a factory in Foshan, south China's Guangdong Province.
Volkswagen also signed a deal with Shanghai Automotive Industry Corporation, while Daimler and the Beijing Benz Automotive Company inked an agreement on investment in new products, engines and a research and development center, China Daily reported.
Two sides also signed a range of government-to-government cooperation projects covering energy, finance and environment.
"We both take the view that what is good can become better," Merkel said.
Wen called for Berlin to quickly grant it formal recognition as a full market economy to help remove trade obstacles between two countries.
Germany is Europe's biggest technology exporter to China. Two countries have signed contracts worth $52.2 billion by April, covering a total of 15,448 transfers to China. The contracts involved the transportation, telecom and chemical sectors.
China-Germany trade reached $142 billion last year, about one third of the total trade volume between China and the EU. Germany is China's largest trading partner in Europe.
Though China has a trade surplus with Europe, it actually runs a deficit with Germany. Imports from Germany increased 33.4 percent in 2010, resulting in a $6.29 billion deficit.
China replaced Europe this year to become the "most favorite investment destination" for Germany, and 43 percent of German investors have expressed a desire to boost production in China, China Daily reported.
Wen arrived in Berlin on Monday for the last leg of his three-nation Europe tour, which has already taken him to Hungary and Britain.
