China will loosen its restrictions for foreign shares in the banking, security, insurance and automobile industries in China, Premier Li Keqiang told a group of business leaders from both China and Germany on Thursday.

Li made the remarks as he attended a meeting of the Chinese German Business Association with business representatives from both countries together with German Chancellor Angela Merkel.

Noting that this year marks the first year that the renewed governments of both countries have a meeting taking place, Li said that it is of great significance for business leaders of both countries to discuss bilateral cooperation face-to-face. China, the largest economy in the Asian continent, and Germany, the largest economy in the European continent, are responsible to jointly and strongly fight against protectionism and unilateralism, and to protect the facilitation of trade and investment.

He said he hopes that German businesses will grasp the opportunity of China's further opening-up its financial industries, and realize higher level cooperation with China.

Opening-up should be a two-way thing, and when a country closes its door to other countries, it also blocks its own way out, Li pointed out. He said he hopes Germany sees Chinese enterprises as trustworthy friends and treats them as equals.

Merkel said that the Chinese German Business Association is becoming mature, and has provided a good platform for candid communication for both countries. She said that the bilateral business investment in both countries is showing good momentum, and hopes that both countries will provide equal market access of investment for each other.