Economy
China wants Germany to open up market
(Agencies)
Updated: 2011-01-05 10:57
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China wants to develop the untapped purchasing potential of its domestic consumers and hopes Berlin will support the expansion of Chinese companies in Germany, a top Beijing official said on Wednesday.
Chinese firms should have the chance to further boost some $1 billion in investments in Germany, Vice-Premier Li Keqiang wrote in a guest editorial in the Sueddeutsche Zeitung ahead of his three-day visit to the country later this week.
"We would be happy if ...the conditions for Chinese companies could be improved for investments and business start-ups in Germany."
Li reaffirmed Beijing would support the European Union in sorting out its sovereign debt crisis, and raised the hope that the EU might ease restrictions for high-tech products to China, which he said would create balanced and sustainable trade relations.
The vice-premier said China's imports in 2011 would likely total $1.5 trillion, but acknowledged that 700 million Chinese farmers still could not benefit from the country's rapid growth and prosperity -- let alone the 150 million that must live from less than $1 a day.
"This is about the accelerating change of the economy's development model -- its development should be fast, but stable in the long-run and allow all Chinese to participate in the fruits of reform," he said.
"For that, domestic consumption must grow."
Restructuring income distributions, improving public services and establishing a social security net would release the purchasing potential of more than 1 billion Chinese, according to Li. China's vice-premier is due to meet this week with Chancellor Angela Merkel, when they are expected to discuss expanding bilateral trade valued at roughly $140 billion last year, or nearly 30 percent of China's commerce with the EU.