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The management team of US-based General Electric Company (GE) was cheered up by the newly-found opportunity in China.
In November 2009 the chilly wind swept Beijing, but it didn’t freeze the hearts of GE CEO and Chairman Jeffrey Immelt and his team. Only in three days, GE became the company with a harvest in China after the US president Barack Obama’s first visit in this country.
On November 15 and 17, GE respectively signed the cooperation agreements with Aviation Industry Corporation of China, Shenhua Group Corporation Limited, China South Locomotive & Rolling Stock Corporation Limited and the Chinese Ministry of Railway. Their cooperation was directed at the infrastructures of aviation, energy and transportation.
One day later, GE also unveiled a series of cooperation projects with Guangdong, including working with local research institutes in Guangzhou, building its first localized purchasing center in China and launching the headquarters of South China.
Notable was the change of GE’s business in China from product export to capital and technology export. Except for the contract signed with the Ministry of Railway, the other four contracts all had the clauses that GE has the willing to set up joint ventures in China.
Focus of the Focus
For GE, the energy infrastructures are the bases of its global business structure. In Immelt’s opinion, the aforementioned agreements shared one feature – they can all bring about fast development, applications of green technologies and high-tech innovations. “Both the extended partnership in aviation, energy and transportation and the technological cooperation will bring new business opportunities for GE in China.”
The year of 2009 was the fourth year in which GE had cooperation with China South Locomotive & Rolling Stock Corporation Limited. Early in October 2005, GE started the strategic cooperation with CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute Co., Ltd (CSR Qishuyan).
The coming joint venture will bring the partners closer to each other. With the total investment of 90 million US dollars, the joint venture’s shares are halved by the two sides. Its main role is to develop and produce GE Evolution series diesels for locomotives, to provide relevant services and to export the products to the emerging markets.
Tim Schweikert, president and CEO of GE Drivertrain Technology (China), said that the leading place of CSR Qishuyan in the locomotive manufacturing industry in China, combined with the advanced development ability of GE Drivertrain Technology and its rich experience in global markets, makes it possible to have new advantages generated from their cooperation.
In addition, the two parties are facing a historical opportunity brought by the fast development of the Chinese railway. In 2009 and 2010, the Chinese government has or will put 90 billion US dollars in the railway construction. Apart from this, 15 billion US dollars will be put in purchasing the locomotives in the next two years.
In November 2009 the chilly wind swept Beijing, but it didn’t freeze the hearts of GE CEO and Chairman Jeffrey Immelt and his team. Only in three days, GE became the company with a harvest in China after the US president Barack Obama’s first visit in this country.
On November 15 and 17, GE respectively signed the cooperation agreements with Aviation Industry Corporation of China, Shenhua Group Corporation Limited, China South Locomotive & Rolling Stock Corporation Limited and the Chinese Ministry of Railway. Their cooperation was directed at the infrastructures of aviation, energy and transportation.
One day later, GE also unveiled a series of cooperation projects with Guangdong, including working with local research institutes in Guangzhou, building its first localized purchasing center in China and launching the headquarters of South China.
Notable was the change of GE’s business in China from product export to capital and technology export. Except for the contract signed with the Ministry of Railway, the other four contracts all had the clauses that GE has the willing to set up joint ventures in China.
Focus of the Focus
For GE, the energy infrastructures are the bases of its global business structure. In Immelt’s opinion, the aforementioned agreements shared one feature – they can all bring about fast development, applications of green technologies and high-tech innovations. “Both the extended partnership in aviation, energy and transportation and the technological cooperation will bring new business opportunities for GE in China.”
The year of 2009 was the fourth year in which GE had cooperation with China South Locomotive & Rolling Stock Corporation Limited. Early in October 2005, GE started the strategic cooperation with CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute Co., Ltd (CSR Qishuyan).
The coming joint venture will bring the partners closer to each other. With the total investment of 90 million US dollars, the joint venture’s shares are halved by the two sides. Its main role is to develop and produce GE Evolution series diesels for locomotives, to provide relevant services and to export the products to the emerging markets.
Tim Schweikert, president and CEO of GE Drivertrain Technology (China), said that the leading place of CSR Qishuyan in the locomotive manufacturing industry in China, combined with the advanced development ability of GE Drivertrain Technology and its rich experience in global markets, makes it possible to have new advantages generated from their cooperation.
In addition, the two parties are facing a historical opportunity brought by the fast development of the Chinese railway. In 2009 and 2010, the Chinese government has or will put 90 billion US dollars in the railway construction. Apart from this, 15 billion US dollars will be put in purchasing the locomotives in the next two years.