(Yicai Global) March 22 -- China is not only BMW’s largest market but also an important source of innovation, according to Oliver Zipse, chairman of the German auto giant.

Speaking at the China Development Forum yesterday, Zipse noted that China is the world’s leading innovator, especially in digitalization, while rapidly growing digital trade has become an important foundation for the new pattern of economic development.

The digital economy has been booming in China in recent years, he pointed out, becoming a new driving force for the country’s economic growth. The nation is currently the market most interested in digitalization and internet-connected technologies, Zipse told the forum.

BMW continues to invest more in innovation and is stepping up the transition from made-in-China to created-in-China. The Munich-based firm has established its largest research and development system outside Germany in China, comprising of three R&D centers and LingYue Digital Information Technology, he said.

BMW’s second Chinese joint venture, BMW ArcherMind Information Technology, will go into operation in the second quarter, Zipse said. It will focus on developing automobile software to offer Chinese users better personalized digital products and services with local features.

The Chinese government’s efforts have not only made the country the first in the world to bring the Covid-19 pandemic under control, enabling rapid social and economic recovery and laying a solid foundation for long-term growth, but also benefited foreign companies in China, Zipse added.

Whether it is the relentless pursuit of science and technology or the need for sustainable development, the world needs to be global, connected and multilateral more than ever before, he said. China’s recent opening-up policy is a positive signal that it embraces globalization, Zipse said.

Editor: Peter Thomas