CHINA TOPIX

Updated 8:47 AM EST, Fri, Mar 05, 2021

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GE Remains Bullish on Opportunities in China Despite Economic Slowdown

General Electronics in China.

(Photo : Getty Images.) General Electronics Vice President John Rice said on Wednesday that he is upbeat about growth opportunities for the company in China.

American multinational conglomerate General Electronics is still upbeat about growth opportunities in the Chinese economy despite growing concerns over the country's economic slowdown and the Chinese government's ongoing anti-corruption campaign.

"Yes, the economy is growing at a slower growth rate ... (but) it's the world's second-largest economy, so there's plenty of opportunities," John Rice, GE's Vice Chairman, told Reuters. Rice was speaking on the sidelines of a company event in Shanghai.

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On the issue of China's anti-corruption campaign, the vice chairman stressed that the campaign has raised a level of caution among people, and it will prove beneficial in the long term.

"There's some level of caution, people in some cases reacting to the anti-corruption campaign ... The effort to clean this up and deal with some of these issues will be really helpful to China and very helpful to companies like GE," Rice said.

China's anti-corruption campaign, which was initiated by President Xi Jinping, has led to several deals taking a longer time to get approval, a senior executive said on Wednesday.      

At the event, Rice expressed his thought on Brexit, claiming that the devaluation in the British pound in the wake of Britain's exit from the European Union would help in increasing export. Rice also said that Brexit would not force the company to make any major changes to its business in the United Kingdom.

Earlier on Wednesday, GE announced a strategic partnership with China's telecom major Huawei Technologies [HWT.UL] to develop its industrial internet strategy. The company hopes that its joint venture project with Huawei would make $500 million in productivity savings globally in the current financial year.

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