Deepening economic relationship with China is important: German ambassador

German companies have been consistently increasing their investment in China, and they have favored the technology sector more than labor-intensive industries previously, said Clemens von Goetze, Germany's ambassador to China.

Goetze said that in the past, Germany's technology was connected to China's cheap labor costs, but the situation has changed. In the past few years, some German companies have moved their labor-intensive factories to Southeast Asia, as labor costs in China have increased.

Moreover, China has developed quite well in its technology sector, including intelligent manufacturing and digitalization. So he expects both countries to have more cooperation in the technology sector.

Goetze said that deepening the economic and trade relationship with China is very important for Germany. There are more than 5,000 German companies operating in China, employing more than 1 million local people.

For example, German chemical giant BASF is on the way of establishing a new smart Verbund site in South China's Guangdong province, with the investment of about $10 billion.

He said that the bilateral relationship is a win-win, and hoped that the Chinese market will be more open to German companies, granting them more market access.

Goetze said both countries also should work together in tackling global issues, including climate change, environmental protection and regional stability.