General Electric is investing at least US$12m in a new research and development centre in Shanghai, Reuters reported. The centre is expected to begin operations in 2003 and will employ 400 staff.
The head of GE (China), Steven Schneider, said that the company anticipated sales in China to expand by 18-20 per cent a year from US$1.5bn in 2001. The fastest growing areas are expected to be GE’s medical, silicon, plastics and aircraft engine businesses. GE will also be providing the engines for the 30 Boeing 737 aircraft that China recently agreed to buy over the next four years.