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The German government will soon organize a large group of business people to visit China's vast west, in a bid to fully participate in China's western development drive.

The announcement was made by German Finance Minister Hans Eichel Sunday in Shanghai after he met with his Chinese counterpart Xiang Huaicheng.

The move was hailed by Xiang, who congratulated Eichel on the successful circulation of the euro.

Eichel said China has great potential for development, stressing that after China's entry into the World Trade Organization (WTO), the economic cooperation between Germany and China should rise to a higher level, especially in the fields of automobiles, chemicals, electronics and buildup of infrastructure.

Eichel said that amid worldwide economic slowdown, China is seen as a stable element, even though it has been affected by the slump.

China has become Germany's most important trade partner among the burgeoning industrial countries, he said, believing that thanks to the success of Volkswagen in China, more and more German enterprises will seek opportunities in the Chinese market.

Eichel arrived here on Saturday at the invitation of Xiang.