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Siemens China sales jump 28%
(Agencies)
Updated: 2005-01-06 14:59

German conglomerate Siemens AG said on Thursday its annual China sales jumped 28 percent on strong demand for gas turbines, and forecast further growth even as the government slows down the economy, Reuters reported.

China is facing a critical shortage of electricity due to underinvestment in the sector in the 1990s and a dramatic rise in demand in past years as its economy races ahead. On the minus side, the government has started to rein in overheating sectors such as construction and cars.

Siemens, which employs about 30,000 people in 45 companies in the country, said China sales hit 38.4 billion yuan (US$4.6 billion) in the year through September.

Siemens derives 5 percent of its global sales of about 80 billion euros from the world's seventh-largest economy -- versus 2 percent for rival General Electric Co. Both vie to supply energy, medical systems and lighting equipment.

New orders overall in China rose 34 percent to 41.8 billion yuan in fiscal 2004, with those in the power segment alone surging 63 percent.

Siemens won its first contracts to supply gas turbines to China last autumn and has long been active in the country in advanced steam power plants.

Siemens's procurement in China hit 2.1 billion euros in fiscal 2004. It said previously it expected procurement in the country to top 5 billion euros by fiscal 2005.

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