Siemens sees China growth

German industrial giant Siemens expects to meet its target of doubling its 2003 China revenues by the end of September next year, Siemens China president and chief executive Richard Hausmann announced at a news conference in Beijing. The company reported a 15% rise in China sales to US$5.49 billion in the year to September. New orders grew 34% to US$6.9 billion. Siemens China added 18 companies to its portfolio over the past year, bringing the total to 70 companies in a range of industries including telecommunications, power, transport, medical products, logistics and electronics. The company won its largest contract in the country during Hu Jintao's visit to Germany last month a US$787 million deal to supply 60 high-speed trains for the Beijing-Tianjin line.