GE signs deals with Chinese firms to enhance competitiveness
SHANGHAI - General Electric (GE) has signed a series of agreements with Chinese companies to boost bilateral cooperation and enhance global competitiveness, according to an announcement by the company.
GE will work with China Telecom to help its internet technology enter the Chinese market and speed up China's industrial upgrades.
GE signed an agreement with Harbin Electric Corporation to establish a gas turbine manufacturing base, which will help China produce homegrown gas turbines and promote industrial upgrades of China's high-end manufacturing.
In the healthcare sector, GE will deliver a bio-pharmaceutical plant model to China's BeiGene to produce medicine. This will be the GE's third model plant worldwide.
GE also signed a deal with China Southern Airlines worth $3.48 billion to provide aircraft engine maintenance, repair and overhaul services to the airline company.
Driven by the Belt and Road Initiative, GE will work with Chinese partners to build three power plants in Pakistan to improve local energy infrastructure.
China is the world's second-largest economy and also the largest overseas market for GE, said GE Chairman Jeffrey Immelt, who is on a visit to China,
Immelt added that the bilateral cooperation will not only help local firms grow but also enhance GE's business competitiveness.
China's industrial upgrading and economic restructuring have provided enormous development space for foreign enterprises, said Duan Xiaoying, president of GE China.