NEW YORK (AP) — General Electric Co. plans to sink more than $2 billion into its efforts in China through 2012 as the conglomerate looks to build partnerships there.
GE said Tuesday that it will likely spend $500 million on research and development and new customer innovation centers, adding more than 1,000 new jobs. More than $1.5 billion is expected to be put toward new joint ventures with Chinese state-owned enterprises in high-technology sectors.
The news comes a day after GE named John Rice head of global operations. In that role, Rice will concentrate on growth in markets including China and India.
GE, which began business in China in 1906, is looking to keep pace with China’s fast growth.