General Electric to Invest $2 Billion in China
BEIJING (
) --
General Electric
(GE) - Get Report
said Tuesday it plans to invest more than $2 billion in China through 2012.
GE said it will commit $500 million to enhance China's research and development capabilities and establish new customer innovation centers, adding more than 1,000 jobs. It also pledged to invest more than $1.5 billion to fund new joint ventures with Chinese state-owned enterprises in key high-technology sectors.
"China is the world's fastest-growing market for aviation, energy, transportation, healthcare and financial services," GE Chairman and CEO Jeff Immelt said in a statement Tuesday. "The commitments we are announcing today will bring GE's technology and innovation strengths to help meet these growth challenges in China. These initiatives will create jobs in both China and the United States.
The news comes a day after GE named John Rice head of global operations. Rice will concentrate on growth in markets including China and India.
-- Written by Joseph Woelfel
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