STORY: China's development success a great opportunity for world economy, says expert
SHOOTING TIME: Dec. 18, 2023
DATELINE: Jan. 3, 2024
LENGTH: 00:01:33
LOCATION: FRANKFURT, Germany
CATEGORY: ECONOMY

SHOTLIST:
1. various of street view in China
2. SOUNDBITE 1 (English): HORST LOECHEL, Professor of economics at the Frankfurt School of Finance and Management
3. SOUNDBITE 2 (English): HORST LOECHEL, Professor of economics at the Frankfurt School of Finance and Management
4. various of China's innovative projects

STORYLINE:

A leading German economist has said China's development success in recent decades has benefited foreign companies, and its vast market continues to hold promise for European firms.

SOUNDBITE 1 (English): HORST LOECHEL, Professor of economics at the Frankfurt School of Finance and Management
"I think the opening-up of China and the huge success of Chinese development, let's say the amazing success in the last 45 years or so, was also great for foreign companies.
They make a very good business and make a lot of revenues. So this was a great opportunity for the world economy but also for European companies.
Now for foreign companies, China as a sales market with a huge, well-founded middle class, who can spend money, has become more and more important."

Loechel said China's innovative power is a growth driver of the economy. 

SOUNDBITE 2 (English): HORST LOECHEL, Professor of economics at the Frankfurt School of Finance and Management
"On top of that, the innovative power of China is very much important now for European and German companies.
I think especially the digital economy of China makes also already a great momentum in the last ten to twenty years.
And of course, green production and environmentally friendly production and the forces are also very much important.
This transformation to a more green economy could be another growth driver for China's economy. I fully agree with the statement."

Xinhua News Agency correspondents reporting from Frankfurt, Germany.
(XHTV)