(Yicai) April 15 -- BMW Group is confident in China’s economic prospects and intends to increase its investment in the country, according to the chairman of the German auto giant.

BMW has been in the Chinese market for 30 years and its development has benefited from the free trade between Germany and China, as well as China's high-level opening-up policy, Oliver Zipse said in the run-up to his three-day visit to China with German Chancellor Olaf Scholz.

At present, it is even more necessary to strengthen international cooperation, promote unimpeded trade, promote growth, seek prosperity and expand employment, Zipse said.

Scholz arrived in the southwestern municipality of Chongqing yesterday and is being accompanied by senior representatives from many German firms, including Siemens, Bayer, Mercedes-Benz and Zeiss, Xinhua News reported.

Green development is an opportunity for Germany and China to further deepen their ties, Zipse said. BMW is collaborating with more than 450 Chinese suppliers and over 600 dealers to achieve carbon reduction along the entire industry chain. The firm is taking the lead in using green electricity and battery recycling in China.

Industrial upgrading is another key area of cooperation between Germany and China, according to BMW. The Munich-based carmaker said earlier that it will launch a new generation of autos next year and start manufacturing at least six types of vehicles at its factory in Shenyang, northeastern Liaoning province, from 2026.

China is BMW's largest market. Last year, China sales expanded 4.2 percent from 2022 to 824,932 autos, accounting for almost one-third of BMW's global shipments. And the country is home to BMW’s largest R&D network outside of Germany, with R&D hubs in Beijing, Shanghai, Shenyang and Nanjing.

Editors: Dou Shicong, Kim Taylor