During the China (Ningxia)-German Week for Friendship and Cooperation held in February in Yinchuan, cooperation agreements for 19 projects were inked between companies from Germany and Ningxia.

The projects, worth about 157 million yuan ($21.7 million), range from elder care services and equipment manufacturing to education and culture.

"We have been impressed by the huge variety of potential business cooperation between German and Chinese companies in the area of agriculture," said Susanne Rademacher, a member of the board of directors of the German Chamber of Commerce, at the event.

German direct investment in China increased by 4.3 percent to a record 11.9 billion euros ($12.65 billion) last year, accounting for over 10 percent of the country's overall investments abroad, according to exclusive analysis from the IW Institute based on official data from Germany's central bank.

"China is a crucial market. We believe that only through mutual cooperation can the people of China and Germany progress together," said Tohermes Yves, managing director of Germany's ADT Project Consulting GmbH.

Xinhua