German companies see opportunities in China's transformation

Despite a slowdown of China's economy, German companies see great business potential in China's structural transformation, a leading business representative said on Thursday.

China's gross domestic product (GDP) increased by 6.9 percent in 2015, the slowest annual expansion in 25 years. The country set an average of annual growth target of at least 6.5 percent for the coming five years.

"In addition to global economic downturn, the slowdown of China's economy was mainly due to an ongoing transformation process of the country," said Alexandra Voss, executive director of the German Chamber of Commerce in North China, quoted by a post on the website of the Association of German Chambers of Commerce and Industry (DIHK).

China launched a "supply-side" reform last year, aiming at reducing non-effective and low-end supply, improving products and service quality and boosting productivity by innovation.

"China will increasingly rely on a growth that is not only driven by fixed investment and exports, but by the service industry, the domestic consumption and innovation," Voss said, adding that such reforms, especially further market liberation, a promotion of innovation and improvement of health and green technologies, meant potential for German companies.

"German companies can contribute their expertise and experience as important cooperation partners," she said.