China remains biggest investor in Germany for third consecutive year

China remained the biggest investing country in Germany in terms of project numbers in 2016, reports Xinhua News Agency.

An excavator made by Xuzhou Construction Machinery Group is exhibited on Bauma expo in Munich, Germany, on April 11, 2016. [File photo: Xinhua]

According to a report released on Thursday by Germany Trade & Invest (GTAI), the country's official investment promotion agency, Chinese firms invested in 281 green field projects or expansion projects in Germany in 2016, an 8% increase from 2015.

Thus, China has become the biggest source of investment in Germany for the third consecutive year, followed by the United States with 242 projects and Switzerland with 194.

Dr. Benno Bunse, CEO of GTAI, said the figures demonstrate Chinese enterprises' confidence in Germany as an investment destination, adding that more and more Chinese companies have upgraded their brand images and technologies by investing in Germany.

The report also shows that the projects invested by Chinese companies last year are expected to create 3,900 jobs in Germany, hitting a new record high.

Chinese investment has mainly gone into business and financial services, machinery & equipment, electronics & semiconductors, as well as the automobile industry, according to the report.