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Last updated at: (Beijing Time) Wednesday, August 27, 2003

GE Predicts 2005 China Sales of 5 Billion US Dollars

US conglomerate General Electric (GE) forecast sales will rise more than 20 percent annually in China and hit 5 billion US dollars by 2005, said the company's top Asia official.


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US conglomerate General Electric (GE) forecast sales will rise more than 20 percent annually in China and hit 5 billion US dollars by 2005, said the company's top Asia official.

Yoshiaki Fujimori, president and CEO of GE's Asian operations, said Tuesday that China is the company's fastest growing market worldwide, double the 10 percent growth in Southeast Asia.

Fujimori was in Chongqing Municipality, southwest China, for a business tour. Last year GE signed an agreement with Chongqing promising preferential buying of each others' products.

Fujimori said GE's sales in China reached 1.7 billion US dollars in 2002, and will rise to 5 billion US dollars in 2005, when GE's procurement in China will also reach 5 billion US dollars.

The latest market report by GE revealed that China will become the world's largest consumer market in the next few years, and the largest aircraft and electricity market.

He said China's rapid growth has caught the attention of the world and multinationals including GE have been actively looking for business opportunities in Chinese markets.

GE has set up its third global research and development center in Shanghai, and its staff is to be doubled to 1,200.


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