Official Mission to China

Luxembourg’s profile in China rose significantly due to its presence at the World Expo in Shanghai in 2010 where the Luxembourg Pavilion was a centre of attraction, with over 7 million visitors recorded. This was due in part to the draw of the Gëlle Fra (Golden Lady) statue, the attendance of a number of high-profile figures from Luxembourg’s political and economic spheres, as well as performances and exhibitions by a number of Luxembourg artists. Exchanges in culture and education between the two countries have since become more frequent, as have activities in the economic field, including training in the finance domain.

After the follow-up Trade Mission to China in October 2011, Luxembourg is planning another Mission to China (Beijing-Tianjin, Chongqing and Shanghai-Suzhou) this year. China is Luxembourg's second largest trading partner outside the EU and the largest trading partner in Asia. Luxembourg has a Trade and Investment Office in Shanghai.

Trade between the two countries currently includes steel, mechanical and electrical products from Luxembourg to China, and textiles, plastic products and toys from China to Luxembourg. Recently, Chinese banks have further developed their operations in Luxembourg, with the Bank of China and the Industrial and Commercial Bank of China both extending operations in the Grand Duchy.

China’s Economy

Although China's economy grew at its slowest in nearly three years in the first months of 2012, the annual rate of GDP growth is still around 8%, according to their National Bureau of Statistics. March industrial output expanded by 11.9% and retail sales grew 15.2%, yet the property sector is deflating with residential real estate growing at its slowest annual rate since mid-2009. Real estate investment was worth around 13% of China's GDP in 2011 and the sector directly affects more than 40 industries.

For any further information about this Trade Mission, please contact Daniel Sahr Tel: 42 39 39-313 E-mail: daniel.sahr@cc.lu.