Germany, China sign billions of dollars' deals

Beijing, Jul 16: Chinese and German companies signed a series of business deals worth 3.5 billion dollars on Friday, Jul 16.

Angela Merkel, German Chancellor who brought the heads of major German companies with her on the four-day tour to China signed a series of robust business ties in order to ease the access between the two export powerhouses.

Ms Merkel and Wen Jiabao, Chinese Premier had met frequently and accorded to work together to direct recovery from the global economic crisis.

Both the nations signed a $3.5 billion deal between Siemens AG and the Shanghai Electric Power Generation Equipment Co to develop steam and gas turbines. There was also another deal of 6.35 billion Yuan ($936 million) between Daimler AG and Beiqi Foton Motor Co to make heavy and light trucks, reported a Chinese news agency. It also reported that the two countries agreed to set up a 124 million euro ($159 million) fund to encourage companies to save energy and reduce emissions that harm the environment.

Though the two nations' trade worth more than $100 billion a year, some German business leaders had complained that they were meeting with obstacles in completing deals with Chinese companies.

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