FRANKFURT, Germany - A Co-Chief Executive of Germany's largest bank said on Monday that the Deutsche Bank (DB) wants to make a positive contribution to China's transition toward a free market.

Speaking at the 16th Euro Finance Week in Frankfurt, Juergen Fitschen expressed his "great deal of respect" towards how China is working hard on its transition towards a free market.

"And we want to make our contribution to this development in a positive way," he said.

Fitschen described the pilot free trade zone in Shanghai as a "very courageous venture which has not been duly appreciated in Europe."

He said diverging levels of the economic development in the world were one of the factors determining the well being of banks. According to Fitschen, the emerging markets and their development would change the world in a sustainable way.

"We are glad to be able to participate in this process," he said.

The Deutsche Bank (China) announced on Thursday last week that it has received approval from the Shanghai Bureau of China Banking Regulatory Commission (CBRC) to establish a sub-branch in the Shanghai free trade zone.