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French carmaker PSA Peugeot Citroen plans to set up a regional procurement center in Shanghai. German chemicals giant BASF has increased investment to upgrade its innovation center in Shanghai after investing a 10-billion-U.S.-dollar production facility in Zhanjiang. The city is also home to Tesla's gigafactory under construction with an investment of over 50 billion yuan (7.1 billion U.S. dollars).

Education is an area which Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has paid close attention to.

Araoz congratulated China on the 70th anniversary of the founding of the People's Republic of China, and said her country is ready to deepen cooperation with China in such areas as trade and economy, investment, agriculture, poverty relief, science technology and culture.

Also on Friday, Li and Merkel jointly met with the representatives of the China-Germany economic advisory committee as well as the representatives of the China-Germany Dialogue Forum 2019 meeting and exchanged views with them.

During his visit to the Shanghai Electric Group, a leading equipment manufacturer, Li encouraged the company to be more competitive in the international market and further contribute to boosting the country's capabilities in making key equipment.