John G. Rice, vice-chairman of GE
BEIJING - A high-level executive of General Electric Co (GE) said on Thursday that the China market will outstrip the United States in the years ahead, and the company will expand its business in China through partnerships with State-owned enterprises."I think the future outlook for China is very bright. There will come a day when the size of the China market is as big or bigger than the size of the US market," said John G. Rice, vice-chairman of GE and president & chief executive officer of GE Technology Infrastructure.
"As economic progress is made in this country, the standard of living will be improved. There will be benefits for lots of people and there will be a lot of economic value created. Many companies and investors would benefit from that," he added.
According to Rice, one of GE's future strategies for the China market is to create more partnerships with State-owned enterprises.
"State-owned enterprises are very much a part of the Chinese economy. I think over the last 10 to 20 years in China, we have come to recognize the important role that the State-owned enterprises play and our need to form the right partnerships and develop the right capabilities so that we and they can be successful together," he said.
On July 12, GE Aviation Systems, via a venture with China's Aviation Industry Corp, was chosen as the lead supplier for on-board electronics systems for the country's C919 aircraft.
This cooperation is regarded by GE as the most important and strategic program in China and a good example of its partnership strategy.
"We are contributing our commercial avionics business to the formation of this joint-venture," said Rice. "Our expectation is that this work will not only benefit the domestic requirements for the C919 aircraft, but also maybe export opportunities at some point in the future," he said.
