U.S. manufacturer General Electric (GE) forecasts that sales will rise more than 20 percent annually in China, reaching U.S. $5 billion by 2005, according to the company's top Asia official.
Yoshiaki Fujimori, president and CEO of GE's Asian operations, said that China is the company's fastest growing market worldwide, double its 10-percent growth in Southeast Asia.
Mr. Fujimori was in Chongqing Municipality, southwest China, for a business tour. Last year, GE and Chongqing signed an agreement, which promised preferential buying of each other's products.
Mr. Fujimori said GE's sales in China reached $1.7 billion in 2002 and will rise to $5 billion in 2005, when GE's procurement in China will also reach $5 billion.
The latest market report by GE revealed that China will become the world's largest consumer market in the next few years, and the largest aircraft and electricity market.
Mr. Fujimori said China's rapid growth has caught the attention of the world, and multinationals including GE have been actively looking for business opportunities in Chinese markets.
GE has set up its third global research and development center in Shanghai, and its staff is to be doubled to 1,200. (Asia Pulse, XIC)
to Daily News