German Companies Clinch Major Chinese Deals

German Companies Clinch Major Chinese DealsGerman Companies Clinch Major Chinese Deals

German companies signed a raft of agreements with Chinese partners at a meeting of Chinese Prime Minister Li Keqiang and German Chancellor Angela Merkel in Berlin on Monday, according to a document seen by Reuters. Chemicals giant BASF agreed with the government of Guangdong province on a plan for a new site in China, and business software maker SAP struck a strategic cooperation agreement with Suning Holdings Group, the document showed.

Siemens agreed with China's State Power Investment Co on joint development of a high-performance gas turbine, and with Alibaba Cloud Computing on cooperation on an Internet of Things platform, it said. Also, carmaker BMW struck a deal with China's Brilliance Group to expand their joint venture, while Volkswagen and China's Anhui Jianghuai Automobile Group signed a memorandum of understanding.

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