German Chancellor Olaf Scholz arrived in Chongqing on April 14, marking his second visit to China since taking office. Accompanied by a delegation of three cabinet ministers from the environment, agriculture, and transportation sectors, as well as senior executives from Siemens, Mercedes-Benz, and BMW, Scholz's visit underscores China's significance as Germany's largest trading partner.
Scholz's first stop was at Bosch Hydrogen Powertrain Systems (Chongqing) Co Ltd., a joint venture between the Bosch Group and Qingling Motors. This partnership focuses on developing hydrogen powertrain systems, essential for hydrogen fuel cell vehicles. Additionally, the Bosch Group is set to invest around 1 billion euros in Suzhou this year to establish a research, development, and manufacturing base for new energy vehicle components and autonomous driving technologies.
Despite global geopolitical uncertainties and rising protectionism, Sino-German economic and trade cooperation has shown remarkable resilience. As of February this year, 84 German-invested companies operate in Chongqing, spanning industries such as manufacturing, scientific research, leasing services, and finance. In 2023, trade between China and Germany reached 253.1 billion euros, maintaining China as Germany's largest global trading partner for the eighth consecutive year.
The automotive industry remains a key pillar of Sino-German collaboration. Volkswagen Group delivered 3.236 million vehicles in China in 2023, a 1.6% increase from the previous year, accounting for 35% of its global deliveries. To further strengthen its operations, Volkswagen plans to invest 2.5 billion euros to expand its production and innovation center in Hefei.
Bilateral cooperation extends beyond automotive, with close partnerships in maglev trains, healthcare, green energy, and climate change initiatives. This mutually beneficial relationship fosters ongoing investment and collaboration, driving mutual prosperity and technological advancement.
Reference(s):
cgtn.com
