HAMBURG, Germany - Chinese State Councilor Ma Kai said here Friday China hopes to continue expanding business ties with the European Union (EU) and Germany under the principle of mutual benefit.

Addressing the 4th Hamburg Summit, Europe's largest Sino-European business conference, Ma said this year's gathering, focusing on the ways to address the financial crisis and deepen China-Europe economic and trade ties, will go a long way toward enhancing bilateral cooperation, turning crisis into opportunity and achieving win-win results for both sides.

In the next five years, Ma said, China will step up efforts in areas such as further expanding domestic demand to promote stable and fast economic growth, transforming the economic development pattern, making scientific and technological innovations a stronger driving force for development, promoting a more open economy as well as improving people's livelihoods.

On expanding business ties, Ma said China and Europe should continue to promote bilateral trade and investment, enhance practical cooperation in new and high technology, make small and medium-sized enterprises a key area in cooperation, and intensify communication and coordination in international economic and financial affairs.

He also elaborated on China's policy on rare earth exports.

Earlier on Friday in Hamburg, Ma met with German Vice Chancellor and Foreign Minister Guido Westerwelle.

Westerwelle said Germany-China relations have been on a positive and healthy development track, reflected not only in the frequent exchanges of high-level visits, but also in the depth and scope of economic and trade cooperation.

He also said Germany will steadfastly adhere to the one-China policy and will make efforts to push forward Europe-China relations within the EU framework.

The two sides also exchanged views on strengthening strategic dialogue and intergovernmental consultations, and promoting youth and cultural exchanges.

Ma also met with Hamburg Mayor Christoph Ahlhaus as well as other local politicians and business leaders.