China can now rival the US with new innovations in tech, VW finance chief says

These include autonomous vehicles and the development of 5G infrastructure.China is helping to drive technological change in the automotive sector, the chief financial officer of Volkswagen told CNBC Thursday.

"I think for the longest time we have been used to looking to the west coast of the United States when we were talking about innovation and new technologies," Witter told CNBC's "Squawk Box Europe."Witter said that, looking at motor shows in China year-over-year, it was "just amazing how quickly the industry is progressing," highlighting development at China's OEMs .

The Volkswagen Group's relationship with China dates back to 1978. In 2017, it launched a joint-venture with the state-owned Anhui Jianghuai Automobile Co., looking at e-mobility. Looking at the bigger picture, when it comes to autonomous driving a range of technologies are being developed and tested.

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