Germany and China signed a number of trade agreements worth up to 20 billion euros ($ 23.51 billion), with agreements involving giant industrial companies such as Siemens and Volkswagen. It also includes BMW planning to get 4-billion-euro ($ 4.7 billion) batteries from Amperex over the next few years.
Chinese President Xi Jinping and German Chancellor Angela Merkel renewed their commitment to the multilateral trading system despite the looming commercial war with the United States.
Merkel stated: "we both want to maintain the rules of the World Trade Organization (WTO)," considering that "the agreements reached with China are of a “new quality" stressing that "China is a very difficult and ambitious competitor even though it is a developing country."
While Chinese Prime Minister Li Keqiang ensured the need to fight trade protection, stressing that "China needs a peaceful and stable framework so that it can make further progress, and this is only possible through free trade," clarifying that “China is against Individuality, but with free trade."