CHINA China welcomes Volkswagen to expand its investment in the country: Ministry of Commerce

CHINA

China welcomes Volkswagen to expand its investment in the country: Ministry of Commerce

Global Times

11:18, May 20, 2021

Photo: CFP

China welcomes the German auto maker Volkswagen to continue expanding investment in the country, an official from the Ministry of Commerce said amid concerns over the fate of the China-EU comprehensive agreement on investment.

During a meeting held on Tuesday between Yu Jianhua, international trade representative and Deputy Minister of China's Ministry of Commerce (MOFCOM), and Stephan Woellenstein, Chairman of the German Chamber of Commerce in North China and CEO of Volkswagen Group China, the two officials discussed the auto maker's business development plans in China and personnel exchanges between the two countries, according to an announcement published by MOFCOM on Wednesday.

Since it entered the Chinese market in 1984, Volkswagen has become a household brand in China, Yu said, calling the German company a witness and contributor of China's reform and opening-up and partner of China-Germany economic and trade cooperation.

"China welcomes Volkswagen to continue expanding investment in the country and is willing to facilitate German businessmen to visit the country following sound epidemic prevention and control measures," read the announcement.

After the coronavirus outbreak, the German auto brand has maintained a growing momentum on its business.

According to the company's quarterly earnings report, more than 732,400 Volkswagen vehicles were delivered in the Chinese mainland and Hong Kong in the first quarter, surging 60.7 percent year-on-year and 4.1 percent compared with 2019.

Yu expects the auto maker can play a positive role in helping the German businesses understand China more objectively and fairly and contribute to the sound development of bilateral trade and economic relations.

Woellenstein agreed that Volkswagen has benefited a great deal from China's economic development and its reform and opening-up and vowed to increase investment in marketing, production and research and development of electric vehicles.

Woellenstein added that Volkswagen will play a role of "bridge" to enhance the mutual trust between China and Germany, China and the EU.

The European Parliament will vote on Thursday on freezing the EU's investment agreement with China, according to media report.

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