China to become "export destination country number one" for Germany: IW

BERLIN, July 16 (Xinhua) -- China was on its way to become "export destination country number one" for the German economy as the COVID-19 crisis was hitting global trade, according to a study published by the German Economic Institute (IW) on Thursday.

While the situation in many of Germany's export markets continued to deteriorate, "the Chinese economy is already looking ahead with cautious optimism," said Galina Kolev, senior economist and head of the Research Group Macroeconomic Analyses and Business Cycles at IW.