Philips'growth relies on development of Chinese economy. China is of strategic importance to Philips'global strategy. Philips is willing to develop relations with China and seek cooperation opportunities, said Gerard Kleisterlee, president and chief executive officer of Royal Philips Electronics at a press conference held in Shanghai marking Philips' 20th anniversary of investing in China.

In 1985 Philips established first joint venture in Beijing and become one of the earliest multinational corporations making investment in China. After that Philips established extensive cooperation with government organs, enterprises, scientific research institutions, and colleges in China. At present it has founded 35 joint ventures or enterprises in China with total investment of US$ 3.4 bln.

Philips has made detailed plan for growth in China, according to which it is dedicated to develop environmental friendly products featuring low energy consumption in the Shanghai Innovation Science Park; it participates in causes that is beneficial to China's sustainable economic development; it helps China establish and improve its public medical treatment system; it promote cooperation with China in education and assists China to build IPR system.

By Peopel's Daily Online