China, Ray of Hope for German Sluggish Economy: Experts

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Last updated at: (Beijing Time) Sunday, December 22, 2002

China, Ray of Hope for German Sluggish Economy: Experts

German business is getting more and more interested in China amid economic sluggishness and low business confidence in the country, experts said.

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German business is getting more and more interested in China amid economic sluggishness and low business confidence in the country, experts said.

Local economists expect the export of German goods, especially machinery, to the rapidly growing Chinese market to be an impulse for the German economy.

Despite a stagnation of global export of machinery in the first nine months in 2002, the export of German machines to China increased 30 percent in the same period, according to the Federation of German Machine-Building Industry.

Analysts said the growing trading relationship with China is giving a ray of hope for the key sector of German economy.

German Chancellor Gerhard Schroeder intends to use his coming visit to China at the end of this month a chance to get more market share of German machinery in China.

Key activity of the leader in China will be participating the maiden trip of the 30-kilometer long magnet suspension railway in Shanghai. German companies ThyssenKrupp and Siemens have been responsible for the building of the project.

Germany hopes to get more contracts of building magnet suspension railways for China, analysts said .

The rapidly growing consumption of cars in China is another big chance for German business. Volkswagen said it is expecting an increase of sales by 40 percent, or 500,000 cars, in China this year. The giant is striving to double its car sales in the country in 2007.

"The export is running well. The companies have shown that they are entering new markets (in China) and can win market shares and bolstering the whole (German) economy, " said Eckhard Wurzel, an leading official of the German Branch of the Organization of Economic Cooperation and Development.

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