China is a global pacesetter for openness and international cooperation, a member of the management board of BMW AG told Xinhua in a recent interview.

"The strengthening of international cooperation has certainly been a valuable asset for both the world economy and China," said Nicolas Peter, who is also responsible for Chinese business.

BMW believes that global trade has been a driver for international cooperation, peace and rising prosperity over the past decades, Peter said.

"From our point of view, China is right on track with its concept: It is beneficial for China and it will remain of great importance for the entire global economy that China stands for openness and international cooperation," he added.

For the BMW Group, China has become its largest single market since the Bavarian company started its activities there more than 27 years ago.

Referring to the 20th anniversary of China's entry into the World Trade Organization (WTO), Peter said it is a success story shows that global trade and cooperation are a driver for common prosperity.

"The BMW Group truly welcomes the activities of the Chinese government to further open up its market and improve the business environment. Both are very encouraging signals to the world market," he said.

In addition, Peter said that the China International Import Expo (CIIE) is a perfect mirror of China's economic wealth.

"During CIIE, President Xi reiterated China's policy to liberalize market access and reduce trade barriers. His remarks have further enhanced our confidence in the Chinese market."

BMW Group has taken part in all four editions of CIIE. This year's event took place in Shanghai and concluded with a total of $70.72 billion-worth of tentative deals for purchases of goods and services.