China will promote a higher level of opening up and will continue to be an ideal place for foreign investment, Premier Li Keqiang said Wednesday in Beijing during his meeting with Harald Kruger, chairman of German carmaker BMW Group.

"Deepening pragmatic cooperation between China and Germany serves common interests of both sides," Li said. He noted that a new cooperation project between BMW and China, in the northeastern city of Shenyang, will be the first to benefit from the ease of limits on foreign stakes in automobile joint ventures in China.

The upcoming project indicated that China's new opening up measures are being translated into concrete actions, Li said.

"In the future, these measures will be even stronger, a higher level of opening up will be established, and China will continue to be a hot place for foreign investment in the long run," he said.

"We welcome enterprises from different countries, including German enterprises, to seize the opportunity and expand investment in China and better achieve common development and win-win results," he said.

Kruger said China is the largest market for BMW and the company cherished the opportunity to invest in the country.

He said BMW will take the opportunity of launching the new factory in Shenyang to expand cooperation with China and create a mutually beneficial and win-win situation as certain models of BMW cars will be sold in global markets including China.