The 2024 Understanding China Conference is held in Guangzhou from Dec. 2 to Dec. 4. During the event, Peter Jungen, President of the Peter Jungen Foundation, said that despite challenges to globalization and free trade, close economic ties between China and Europe will endure. He noted a significant rise in bilateral FDI between China and Germany last year. Bilateral investment is growing faster than trade, signaling deeper economic cooperation.

Jungen, who has visited China many times, recalled his first trip to Guangzhou in the 1970s, when China’s per capita GDP was around $100. “Today, it has exceeded $12,000. People often talk about Germany’s economic miracle after World War II, but I believe China is the true miracle,” he said.

Reporter: Zita Lai

Editor: Stephanie Li

Video Editor: Xu Tingting, intern: Yu Xinghui