Further opening-up a boon to business

The further opening-up of the Chinese economy will bring more opportunities and potential for growth to Europe, according to Hubert Lienhard, chairman of the Asia-Pacific Committee of German Business.  [Special coverage]

China's decision to let markets play a decisive role in allocating resources is "an important step to further open up its economy," Lienhard said in a recent written interview with Xinhua News Agency ahead of President Xi Jinping's state visit to Germany, which began on Friday.

"For us, China's further opening-up means more sales opportunities and potential for growth in the gigantic and dynamic market."

Bilateral trade between Germany and China has doubled in the past decade, and the two economies are linked ever more closely, Lienhard said.

"So far, the trade relations have been complementary, but that will change over time. There will be more and more intra-industry trade between Germany and China where technological advance is happening," he said.

Lienhard also proposed further cooperation between German and Chinese enterprises in the technological field as China is making strides in research and development.

"The prosperity and development of trade relations with Asian countries, especially China, is of great significance to Europe - especially in times of economic crisis," he said.

Lienhard said that the German and Chinese governments have both put in effort to improve their bilateral economic ties.

The "China-Germany council of economic advisers" mechanism proposed by Premier Li Keqiang on his visit to Germany last May, for example, is a "new and important tool" that let the two countries talk to each other directly regarding economic issues, he said.