Wilo SE, one of the world's major pump manufacturers by revenue, said on Monday that it strives to achieve a revenue target of 2 billion yuan ($313 million) by 2020 in China amid the country's urbanization plan.

John Chong, chairman of Wilo China Ltd, said that to meet the goal, the company will increase investment to research and development and at the same time explore opportunities in central and western China.

"Innovation is key to everything. It means that we not only need technological upgrading but also institutional innovation," he said.

The German company has already put about 900 million yuan into innovation in the past three years to upgrade products – pumps and pumping systems for heating, cooling and for water supply and sewage and drainage.

"More opportunities will come from China's efforts to efficiently use its water resources, especially in the country's vast western and central regions," Chong said, adding that the company's focus will be in the industrial sector for water treatment solutions.

The company will expand its presence in China's western and central areas, with the establishment of two branch offices in Chongqing municipality and Chengdu, capital of Sichuan province.

The executive said as the country's Belt and Road Initiative is expected to give a new impetus to the economy by increasing investment and promoting economic integration, related industries such as infrastructure construction will see huge potential in future.

"Advanced infrastructure facilities and high-end pumping products will be important factors to keep up with that strategy, the process of urbanization and optimizing of the nation's manufacturing structure," he said.

lvchang@chinadaily.com.cn