(Photo: CGTN)

Two-way investment between China and Germany has amounted to more than $40 billion, according to an official with China's Ministry of Commerce (MOC).

This year marks the 40th anniversary of the China-Germany Intergovernmental Agreement on Science and Technology Cooperation, a key deal that has boosted cooperation between the two sides.

Bilateral cooperation has been expanding with more fields and higher levels, said Li Yong, deputy head of the Investment Promotion Agency of the MOC, at an investment forum held Sunday in the city of Qingdao, east China's Shandong Province.

Trade volume between the two sides reached $168.1 billion in 2017, accounting for nearly 30 percent of China's trade with Europe. China has been Germany's largest trade partner for two consecutive years, according to Li.

With China's accelerating urbanization and growing middle-income groups, the country has a booming consumption market and the government is further opening up and working to protect the rights of foreign businesses in the country, Li said.

Since 2013, China has become the largest source of investment in the German electronics industry, with investment projects covering multiple areas of production and R&D in the industry, according to German government agency Germany Trade & Invest.