"China has always been an important market for European companies. Its economic reform will bring new business opportunities to Europe and German enterprises," he explained.

He said European companies are confident that the Chinese government is on the right path of further opening-up and economic reform, which would lead to an increase in foreign direct investments in China.

"I think there will be growth potential for both sides when China further opens up sectors such as the service industry, health care industry and financial services to foreign involvement," he said. "This would also be highly interesting and important for European companies."

He added that Hamburg is an ideal partner for China and can provide concrete support for China's modernization with innovative ideas and sustainable strategies.

"Members of the Hamburg Chamber of Commerce are hoping for a rapid implementation of the economic reforms announced by the Chinese government. Particularly in the rapidly growing service sector, there would be new business opportunities," Schmidt-Trenz said.

Time to look beyond headline numbers	Chinese economy takes 12.3% of world total in 2013