China signed a $17 billion deal with European multinational aerospace and defense corporation Airbus Group SE, on Thursday, Oct. 29, for the purchase of 130 jets, the China Daily reported.
Premier Li Keqiang and German Chancellor Angela Merkel witnessed the signing of the deal, following a meeting in Beijing, the report said.
Li proposed for the setting up of an intergovernmental mechanism to coordinate the development strategies of the two countries, since China is promoting its Made in China 2025 strategy, while Germany has its Industry 4.0 strategy.
"We need to learn advanced technologies and concepts from Germany," Li said, adding that China offers a big market for the European nation.
Merkel, who is on her eighth visit to China, said that Germany maintains a comprehensive relations with China.
Aside from the aircraft order, the two countries have also agreed to study the possibility of holding free trade talks as soon as possible as they will push to finalize an investment treaty as pre-condition for the talks.
The report said that the two countries have also vowed to set up a Sino-European stock exchange joint venture to promote the internationalization of the renminbi.
According to Reuters, the Frankfurt-based facility will become the first authorized platform for renminbi trading outside the Chinese mainland.
The report said that Germany will establish six more visa processing centers in China, all of them outside Beijing, to speed up applications and encourage more Chinese to visit Germany.
Merkel also met with President Xi Jinping and expressed her support for the inclusion of the renminbi in the International Monetary Fund's special drawing rights basket, as well as China's application for membership to the European Bank for Reconstruction and Development.
Merkel is scheduled to fly to Hefei, capital of Anhui Province, for a one-day visit on Friday, Oct. 30.