NEW YORK (
sales in China will likely grow at a 45% annual clip through 2014, the company's CEO, Timothy Manganello, told
at a business conference in Shanghai Tuesday.
Manganello also said BorgWarner could see the proportion of its global sales from China rise from 12% to more than 15% in four years, according to the newswire. BorgWarner, which also operates in Japan, South Korea and India, anticipates that its Asia sales will generate around 30% of its global sales, up from 23% in 2009.
The booming economy of China has offered hope of lucrative business opportunities for companies around the world, but many have hit roadblocks along the way.
and mining giant
( RTP) are recent obvious examples.
Google recently decided to shut down its Google.cn China search engine over censorship disputes with the Chinese government and is redirecting users to its uncensored Hong Kong site. Analysts believe the Chinese government will limit access to Google's Hong Kong search engine, which could in turn help
, arrested in July over allegations of bribery and commercial espionage, continued on Tuesday. Their trial began Monday at a court in Shanghai. While the details surrounding the charges remain murky, they have created substantial political and business tensions between China and Australia.
BorgWarner stock has fallen 0.4% at $37.80 Tuesday morning, while Google stock was down 0.7% at $553.50. Baidu's American depository receipts were gaining 1.4% at $588.
Meanwhile, Rio Tinto's ADRs were up 1.7% at $229.90.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.