Luxembourg Deputy Prime Minister Jean Asselborn said at a financial seminar in Beijing on Tuesday that Luxembourg is interested in a strong China and is looking for more investment from the vast country.

 

He said Luxembourg stands at the crossroads of the European market, and its economy is much larger than its territory. With more than 150 banks and over 2,000 investment funds, the small European country is the No. 1 fund center in Europe and the 7th largest financial center in the world. Its special edge in the financial sector enables it to provide specialized, diversified and mature financial products and services to investors from China and the rest of the world.

 

"Now the Bank of China and the Industrial and Commercial Bank of China are actively involved in the financial sector of Luxembourg and our country is ready to share its know-how and experience in the financial industry", said Asselborn.

 

Asselborn, who is also the foreign minister of Luxembourg, noted that bilateral business links in the steel and iron industry have a long history, saying in the 19th century the first group of Luxembourg engineers created steel mills in Hubei Province.

 

As for current iron and steel development, he said Luxembourg's steel maker Arcelor-Mittal is trying to cooperate with China's Bao Steel Corporation in Shanghai and the Laiwu Steel Corporation in China's eastern Shandong Province."

 

China has the largest iron and steel output in the world, and Luxembourg's iron and steel are of high quality. The two industries have great potential for closer cooperation, he said.

 

According to Luxembourg statistics, bilateral trade between the country and China has grown considerably in recent years. From 2004 to 2005, the total trade volume soared by 109 percent to US$2.2 billion.

 

Asselborn said he hopes Luxembourg would have stronger and better relations with rapidly growing China because he believed that "China will become the most important economy in the 21st century."

 

Asselborn is accompanying Luxembourg's Grand Duke Duc Henri for a visit to China from September 3 to 9.

 

(Xinhua News Agency September 6, 2006)