Economy

China, Germany sign billions of dollars in deals

(Xinhua)
Updated: 2010-07-16 16:25

China's Premier Wen Jiabao (R) toasts with German Chancellor Angela Merkel during a signing ceremony at the Great Hall of the People in Beijing July 16, 2010.[Agencies]

China, Germany sign deals worth billions of dollars, say trade strong despite financial crisis

BEIJING - China and Germany inked ten cooperation agreements in Beijing on Friday ranging from green energy, culture to the establishment of joint venture on truck and lorries production.

Chinese Premier Wen Jiabao and visiting German Chancellor Angela Merkel witnessed the signing ceremony.

The agreements include a financial cooperation agreement which involves 124 million euros ($160.21 million) of green fund to encourage emission reduction and energy saving of enterprises.

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The two sides signed a joint declaration on the establishment of environmental partnership, covering water resource protection, equipment safety and evaluation, energy saving, renewable energy, electric mobile production, technology contacts and cooperation.

To boost green energy cooperation, both sides signed an MOU on the establishment of Sino-German eco parks. It involves bilateral cooperation to promote energy economy in national zones of development, sustainable industrial production and energy efficiency, according to the German Foreign Ministry.

Shanghai Electric Group of China and Siemens AG signed an agreement for the research and development of steam and gas turbines, involving $3.5 billion.

Foton Motor of China and Daimler-Benz AG signed an agreement on setting up a joint venture of trucks and lorries.

The joint venture, with equal shares from both countries, involves 6.35 billion yuan ($938 million). It will be located in Huairou District in suburb Beijing, with an annual output of 100,000 complete vehicles and 45,000 heavy diesel motors.

The two countries also signed declaration of intent to beef up economic and technological cooperation, joint declaration to promote service sector cooperation, MOUs on intensifying talks on credit cooperation and the holding of Chinese Culture Year in Germany in 2012.

Premier Wen held two-hour talks with Merkel before they attended the signing ceremony. Wen described Merkel's current China trip as "of historical significance" to build bilateral comprehensive cooperative partnership.