Germany Remains China's Largest Trade Partner in Europe for 28 Years

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Last updated at: (Beijing Time) Friday, September 12, 2003

Germany Remains China's Largest Trade Partner in Europe for 28 Years

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Germany has become China's largest trade partner in Europe since 1975, Chinese Customs statistics show. According to the customs' figures, China-Germany trade hit 22.3 billion US dollars in the first seven months of this year, up 55.3 percent year-on-year.

Bilateral trade between the two countries accounted for 26 percent of China's total trade volume with Europe and 33.6 percent of China-EU (European Union) trade, figures show.

On technology transfer to China, Germany also tops all the European countries. As of July this year, China had signed 6,768 technology transfer contracts with Germany, with a total capital of 26.14 billion US dollars.

Mutual investment also highlighted the Sino-German bilateral economic cooperation. Statistics from China's Ministry of Commerceshow that German enterprises' actual investment in China hit 9.17 billion US dollars in July this year, lower only to Britain among all EU members. The investment includes the fields of automobile, airplane maintenance and steel.

By the end of 2002, 12 German banks had opened branches or offices in China, among which three were allowed to do Renminbi (RMB) business. Eight German insurance companies have begun business operations in China.

Meanwhile, China's investment in Germany also increased steadily in recent years.

As of June 2003, China has established 159 non-financial business organizations in Germany, with a total investment of 74.77 million US dollars.

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