GE Energy sales in China expects annual rise of at least 25%

General Electric (GE.NYSE) predicts sales from its China energy unit will increase by at least 25% annually as Beijing adopts more fuel-efficient technology, said CEO Jeffrey Immelt, Bloomberg reported. GE is targeting a 10% profit increase next year in its energy division and expects to take in US$60 billion in revenue in 2014 thanks to rising global usage of alternative energy, including in China. “China is a key part of our energy strategy. What you are going to see here is China wants what most other countries want, which is fuel diversity, energy security, pollution reduction and conservation.” Immelt said. GE’s venture partners in China include State Grid, Shenhua Group and Harbin Power Equipment. Immelt also added, “What China brings is scale. Small ideas become big applications very quickly in this country. I expect new gas innovations done in scale within the next three to five years. That’s going to happen here.”