"Profit slumps force technology gurus to make concessions on technology transfer," said Mei Xinyu, an associate researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce. As an emerging economy, China is perfectly justified in seeking technology know-how through large-scale equipment purchases, he added.

"It (technology transfer) saves us time and offers them a big chunk of money, creating an absolute win-win situation," Mei said.

China's "buy European" trip, backed by the Central Government, demonstrated how large the Chinese market is. And European companies might regret not getting a piece of it by restricting technology transfers, Mei said.

Some beleaguered European companies have started responding more positively to China's quest for technology know-how. Wang Yan, General Manager of Shandong Sunvim Solar Technology Co. Ltd., said he was thrilled when his company signed a technology transfer deal with a German counterpart during the trip by China's trade delegation.

According to a report in the 21st Century Business Herald, Wang had spent years in tough negotiations with a German company that made thin film solar cells, an environmentally friendly technology that can provide lighting to entire office buildings and reduce electricity expenses considerably. Wang's previous attempts to reach a deal with the German company failed, because the latter vigilantly guarded its technology know-how. But Wang said the financial turmoil prompted the Germans to soften their tone and express a willingness to cooperate with his company.

But Liu said embargoes on highly advanced and sensitive technology products would likely to continue despite some breakthroughs. He urged domestic companies to conduct independent innovation and improve their brands amid the financial chaos.

More to come

Calling the trade mission "fruitful" and a "win-win" situation, Minister of Commerce Chen Deming said China would soon send out an investment delegation to Europe to explore potential investments and mergers and acquisitions. The delegation was scheduled to leave on March 7-8 to determine which European companies would be worth investing in, he said. He added that a group of industry professionals also would be sent to Europe for negotiations on specific technology transfer in major equipment and projects.

Chen said he hopes Chinese businesspeople can explore the opportunities hidden in the financial crisis with regard to deals with foreign companies.

"The financial storm hit the world so unexpectedly that they may not have time to work out a comprehensive overseas development strategy," Chen said. "But I'm telling you, the chances are now or never."