Economy

GE to invest $2b in China in 3 years

(Xinhua)
Updated: 2010-11-09 21:17

BEIJING - The US General Electric Company (GE) announced in Beijing Tuesday its plans to invest more than $2 billion to boost technology innovation and customer support, and set up new joint ventures in China in three years.

Jeff Immelt, GE Chairman and Chief Executive Officer, said in Beijing that the company would invest more than $1.5 billion in launching new local joint ventures with Chinese enterprises.

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The company would use another $500 million to set up customer innovation centers and enhance research and development activities in China, so as to "better serve the West, North, Central and South China markets," said GE in a statement.

"China is the world's fastest-growing market for aviation, energy, transportation, healthcare and financial services," Immelt said.

"These initiatives will create jobs in both China and the United States," he added.

The company plans to establish innovation centers in six Chinese cities, with Chengdu, Shenyang and Xi'an as likely locations in the first phase.

The centers will focus on product development, engineering for applications and product development, and sourcing support and delivery in key development areas for China such as rural healthcare, renewable and clean energy, rail, and aviation, it said.

GE also announced four new joint ventures with Chinese enterprises ranging from locomotive propulsion, rail signaling, smart grid technologies, power distribution and metro solutions.