Management

Siemens CEO touts long-term China strategy

By Wan Zhihong (China Daily)
Updated: 2010-08-06 14:51

Cheng Mei-Wei President and Chief Executive Officer of Siemens China

The country remains one most strategic markets for all multinationals, and companies should work to "adapt themselves to the rapid changing market," Cheng Mei-Wei, president and chief executive officer of Siemens China told a press conference in Beijing.

Cheng said he is "optimistic about Siemens' future in the Chinese market" as the company's portfolio fits well with the country's needs in areas including urbanization, demographic change and environmental protection.

The company will also increase its localization in areas including expanding local capabilities in research and development (R&D).

"We are a multinational company, but we are also a Chinese company," said Cheng.

"We have already been in China for 132 years, and I hope we would add to that another 132 years," he said.

Siemens earlier said its environmental portfolio would generate orders worth 4 billion euros in China in 2010, which equals 40 percent of the company's total orders in China for the year.

The company's 1 billion euro mid-term investment in China until 2010 will go into energy-saving and environmentally friendly technologies and solutions.

China now is the third largest market for Siemens, next to Germany and the United States. The company has a nationwide network of more than 90 operating companies and 61 regional offices.

Chen's comments came after recent criticism of China's business environment from foreign business leaders.

China remains open for business, and the rest of the world can benefit, Commerce Minister Chen Deming said in an article published in the Financial Times on July 25.

As China works with others to push the global recovery, tremendous opportunities will open up for foreign companies, he said.

China Daily