Event in Munich recognizes 50 years of diplomatic ties between the nations

China and Germany have further deepened cooperation at a regional level with a Taicang Day event being held in Bavaria's capital Munich on Wednesday, to celebrate the 50th anniversary of the establishment of diplomatic relations between the two countries.

The event coincided with an economic forum on innovation and cooperation between Germany and Suzhou, in East China's Jiangsu province, which attracted more than 200 attendees including government officials, experts, businesspeople and scholars from both sides.

Home to more than 460 German-funded companies, Taicang, a county-level city in Suzhou city, is known as the hometown of German enterprises in China, and also has a very good reputation in Germany's business community.

Every year since 2008, Germany has held Taicang Day, and it has become a mechanism and platform for bilateral economic, trade and cultural exchanges. After having previously been held there 2009 and 2015, this was the third time the event was held in Munich.

The trade-economic delegation from Suzhou and Taicang chartered flights to Europe in order to get more orders and attract investment, which have stalled over the last three years because of the novel coronavirus pandemic.

Led by the Suzhou municipal bureau of commerce, the delegation conducted exchanges with many Global Fortune 500 companies, global industry leaders, and well-known international financial institutions in France and Germany, in addition to a series of promotional conferences.

Speaking at the event, Zhai Qian, minister of the economic and commercial office of the Chinese Embassy in Germany, said: "What Suzhou government has done is commendable as the municipality has to overcome various hardships in this challenging time to make this event happen."

He pointed out that it is the first large-scale economic and trade overseas visit made from China, with more than 100 people, over the last three years, and such pragmatism and dedication deserve applause.

Markus Wittmann, head of the international department at the Bavarian Ministry of Economic Aff airs and Regional Development, said: "The event is highlighting that investment from Germany and from Bavaria in China over the decades has been very successful. That in part is due to support from Taicang and Suzhou governments.

"I think it is very important that we have in-person meetings again, something that we could not have during the pandemic, and now we can exchange how to go from the successful stories we have seen in the past to more successes in the future," he said.

Wittman pointed out that one interesting aspect is that German companies, having heavily invested in Taicang, are paying one-third of the tax revenues from companies in Taicang.

"This is a win-win as German companies have a huge market that they are successfully operating in and making profits, while the local governments in China also have a profit from tax," he said.

Speaking in a recorded video speech, Wang Xiangyuan, Party chief of Taicang city, said: "Taicang is committed to promoting high-level opening-up to the outside world and will continuously optimize the industrial development eco-system to accommodate foreign investments.

"We hope exchanges and cooperation with Germany will be further strengthened, and efforts will be made to achieve mutual benefit and win-win results in many more fields," he added.

After years of developing, Taicang has become one of the regions in China with the most intensive German investment. The city is also considered one of the most attractive areas in China for German companies to find success.

In 1993, the first German company, Kern-Liebers, settled down in the Taicang High-Tech Industrial Development Zone. Since then, more and more German enterprises have found homes there.

Over the last 14 years, Taicang Day events have witnessed the city's commitment to strengthening cooperation among all sectors between itself and German companies.

Sun Jianjiang, director of Suzhou's bureau of commerce, said: "Face-to-face visits and negotiations are conducive to narrowing the distance between Suzhou and European economic and trade institutions and well-known enterprises. The trip can help expand new orders and attract new projects."

In 2021, Suzhou's trade with Germany totaled more than $14.81 billion, up 33.9 percent year on year, accounting for more than 6 percent of China's total trade volume with Germany.

Christian Sommer, chairman of German Center Taicang, was impressed with the commitments and efforts made by the Suzhou and Taicang governments in constructing in-depth relations with Germany.

Sommer said: "This event is of great significance as for the last three years businesses could not meet face-to-face due to COVID. I am very pleased to see at the event that companies see the potential and the willingness to cooperate, which in itself is already the positive signal. Therefore, I know this trip will have a positive impact on the German-Chinese relationship."