China’s economic transformation ‘great’: Luxembourg minister

16  January 2013

LUXEMBOURG – Luxembourg Minister of the Economy and Foreign Trade Etienne Schneider said on Tuesday China’s economic transformation has been “great.”

“The invention and research and development which was made in China’s economy is huge,” Schneider told Xinhua in an interview.

“So I see the Chinese economy is more and more becoming a high-tech economy. That’s important and would bring the world forward,” he said.

Taking solar technology as an example, Schneider said from a viewpoint of the development of renewable energy, “all the developments which have been made in China and which improved the systems are extremely favorable to the climate also in Europe,” although they “put some problems to our industry and business.”

Schneider said that during the past years, more and more Chinese companies made Luxembourg a springboard for entering into Europe.

He said that several reasons made Luxembourg attractive to foreign investment, including political stability and continuity, flexible regulation and lighter tax burden.

“About 43 percent of Luxembourg working forces are foreigners, which shows how open the Luxembourg society is,” said the minister.

Luxembourg government paid high attention to economic and trade relations with China, he said.

The newly wedded crown prince and princess have decided to make China the first destination of their overseas visit after the wedding, said Schneider.