It aims to eventually sell 1.5 million new energy vehicles (NEVs) annually by 2025, Heizmann told reporters ahead of the Guangzhou auto show, which opens on Friday.

"We have to do more in the NEV area. The government is pushing, the general environment in China is pushing that," Heizmann said.

Overall sales of NEVs in China more than quadrupled last year with rapid growth continuing in 2016.

Volkswagen will deliver its first locally produced NEVs, as battery electric and plug-in hybrid cars are referred to in China, under its Audi brand this year.

Audi AG (NSUG.DE) manufactures the vehicles in a joint venture with China FAW Group [SASACJ.UL].

Volkswagen also has a JV with SAIC Motor (600104.SS), and the two companies have plans to sell plug-in hybrid cars in China in the future.

Global auto brands are only allowed to manufacture cars domestically in China through ventures with local partners, with automakers typically limited to two JV partners.

Volkswagen said in September that it had signed a preliminary deal to explore making electric vehicles in a new joint venture with China's Anhui Jianghuai Automobile (JAC Motor) (600418.SS).

The deal is not final and is subject to approvals.

He said he was hopeful the government would allow what would be Volkswagen's third JV in China, with the government pushing for less-polluting vehicles.

"Normally the legal framework is you are only allowed to have two joint ventures. There is a special chance to have this additional joint venture just on pure battery cars," Heizmann said.

Initiated by the Hamburg Chamber of Commerce, the Hamburg Summit is a major Sino-European economic conference that aims to boost exchanges and tap business opportunities for entrepreneurs from both countries, according to organizers.

German and Chinese companies are increasing bilateral trade and investment in light of the initiative and also seeking cooperation opportunities in ports, transportation and industrial automation, Anke told reporters Tuesday in Shanghai.

So far, over 550 Chinese companies have set up offices in Hamburg and more than 700 Hamburg businesses are engaged in trade with China. In 2015, Hamburg port handled 2.5 million container units (TEU) from and to China, a third of all handled in the German port.

Chinese companies have also increased investment in Germany, according to Peter Rothen, consul general of Germany in Shanghai.

Chinese companies have showed strong interest in Hamburg's digital market.

In June, Spearhead, a Beijing-based company, acquired mobile advertising platform Smaato from Hamburg for $148 million. In April, Shanghai-based Youzu Interactive acquired Hamburg-based game developer Bigpoint with the aim of jointly building a global marketplace for online and mobile games.

Dutch chipmaker NXP is currently selling its high-tech semiconductor plant in Hamburg to a consortium consisting of Jianguang Asset Management and Wise Road Capital.

Abe spoke to reporters before leaving Tokyo's Haneda Airport for New York on Thursday for his first meeting with Trump.

Abe said it is an honor to be meeting the next US president ahead of other world leaders. He said that he hopes to talk with Trump about their dreams for the future.

He reiterated that the Japan-US alliance is the cornerstone of Japan's foreign and security policy, but said it requires mutual trust in order to function properly.

He said he hopes to build such a relationship with Trump and join hands in working for world prosperity and peace.

After meeting Trump, Abe will head to the Peruvian capital of Lima to attend a summit of the Asia-Pacific Economic Cooperation forum. US President Barack Obama, Chinese President Xi Jinping, and Russian President Vladimir Putin will also be attending the summit.

Abe plans to hold talks with Putin while in Lima.

After the APEC summit, he will visit Buenos Aires in Argentina for talks with President Mauricio Macri.

The Saudis said Trump should be careful before making such a drastic decision.

“At his heart President-elect Trump will see the benefits and I think the oil industry will also be advising him accordingly that blocking trade in any product is not healthy,” Saudi Energy Minister and Aramco chairman Khalid Al-Falih told the Financial Times.

The de facto OPEC leader is the largest Middle East oil supplier to the US. However, most of America's oil is produced domestically or imported from Canada. The Saudis have an 11 percent share in US crude oil imports, while Canada has 40 percent. OPEC’s total share of US oil imports is 31 percent.

In 2015, the US imported about 9.4 million barrels of oil per day from about 88 countries, says the government-run Energy Information Administration. The country consumed 7.08 billion barrels of petroleum products, or about 19.4 million barrels per day.

“The US is sort of the flag-bearer for capitalism and free markets,” according to Al-Falih. “The US continues to be a very important part of a global industry that is interconnected, that is dealing with a fungible commodity which is crude oil. So having equalization through free trade is very healthy for oil,” he said.

According to Falih, the Saudis are waiting for Trump’s presidency, as his presidential campaign had amounted to “50,000 feet announcements” that may change.