GE yesterday marked 100 years of doing business in China by signing a Memorandum of Understanding (MOU) with China's National Development and Reform Commission (NDRC) to expand cooperation in the development of advanced environmental technologies that will support continued, sustainable growth in China over many decades.
The MOU stems from the growing synergy between China's needs and GE technology, explicitly allowing for GE to provide advanced technologies to China including: Integrated Gasification Combined Cycle (IGCC) or "Cleaner Coal"; Wind Energy Optimization; Regional Aviation Expansion; Advanced Locomotive Development; Desalination; and Lighting, among others.
"From a small trading business in the early 1900s, to $5 billion in revenues in China today, GE's strong commitment to China is getting even stronger," said GE Chairman and CEO Jeff Immelt, who signed the agreement in Beijing with the NDRC. "Advanced energy and environmental technologies bridge our company and this country to a horizon of immense potential growth."
GE will also invest up to US$50 million in "eco-related" research & development funds at its China Technology Center in Shanghai over the next five years and GE would also provide management and leadership training to up to 2,500 Chinese managers and officials over the same period.
The MOU is a practical application of GE's ecomagination initiative–a global growth strategy where advanced technologies help answer modern challenges, support customers, and increasingly enhance the bottom line. This focus is particularly appropriate in China, due to its significant energy requirements and serious challenges regarding availability of natural resources.
As an extension to the cooperation with NDRC, GE and Tsinghua University signed a Research Agreement today, under which the University will provide research to GE's Ecomagination initiatives in China and around the world. This is the first cleaner technology collaboration in China for both GE and Tsinghua, and the unique Corporate-University agreement will bolster GE's technical base.
