Ditlev Engel, CEO of Vestas, one of the leading enterprises of the world's wind power industry, said at a press conference in Beijing that Vestas would increase its capital and technology investment in China to lower the electricity cost and meet the competition from Chinese domestic enterprises and other foreign companies in China.
Engel said the growth of China's wind power industry is surprising. He said he had great expectations on Chinese government's development of wind power and had full confidence in the Chinese market. In 2007, Vestas' market share declined by 5% compared with that of 2006, which Ditlev Engel believed was mainly caused by the competition from the Chinese market.
China has rich wind power resources. According to China's long-term planning, the country's wind power equipment market capacity is about RMB9.7 billion to RMB12.2 billion each year.
