Heads of major German firms to accompany Merkel to China

CCTV News

German Chancellor Angela Merkel delivers her speech during the France Germany Online Conference at the Elysee Palace in Paris, Tuesday, Oct, 27, 2015. The leaders of France, Germany and the European Union's executive body have praised new partnerships between private, public and European funds to improve access to financing for startups in an effort to boost the digital economy across the continent. (AP Photo/Francois Mori) German Chancellor Angela Merkel delivers her speech during the France Germany Online Conference at the Elysee Palace in Paris, Tuesday, Oct, 27, 2015. The leaders of France, Germany and the European Union’s executive body have praised new partnerships between private, public and European funds to improve access to financing for startups in an effort to boost the digital economy across the continent. (AP Photo/Francois Mori)

German Chancellor Angela Merkel’s upcoming visit to China, from October 29 to 30, could see progress being made in terms of economic ties, with major agreements likely to be signed between German and Chinese firms, according to media reports.

Reuters has reported that Lufthansa’s head of passenger business, Karl Ulrich Garnadt, will be accompanying Merkel to China. The German airline major is reportedly looking to further talks on a joint venture deal with Air China.

The report also said that the German delegation will include representatives from Deutsche Boerse, the leading exchange organization in Germany, which is expected to agree on a “cooperation deal with a Chinese financial market operator.”

Scandal-hit carmaker Volkswagen has also confirmed that its new CEO Matthias Mueller would be accompanying Merkel. Despite the recent emissions cheating scandal that has led to the company recalling a number of its cars, Volkswagen remained the top car seller in China in September, according to data released by the China Passengers Cars Association.

Merkel’s visit to Beijing comes soon after Chinese President Xi Jinping’s state visit to the UK, which saw the two countries inking trade deals worth some $62 billion. 

China is the second-most important trading partner for the European Union after the United States, accounting for 14% of total extra–EU trade in goods in 2014, according to the EU’s trading report.

Among the EU states, Germany (75 billion euros or 46% of EU exports of goods to China) was by far the largest exporter to China in 2014, followed by the United Kingdom (19.6 billion euros or 12%) and France (16.2 billion euros or 10%).

 

Meanwhile, China’s Foreign Ministry also confirmed on Monday that French President Francois Hollande will be visiting Beijing from November 2 to 3.

Hollande had announced last month that he would look to launch a bilateral appeal to “work to make a success of the climate conference”, which is scheduled to be held from November 30 to December 11 in Paris.

Story by CCTV.