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Siemens China announced it had signed cooperation contracts and orders worth about 2 billion yuan with its Chinese partners. During an interview with Nanfang Daily, Peter Loescher, president and CEO of Siemens AG, said that a large part of the amount is for products from Siemens' environmental portfolio, which proves that the growth of the environmental technology market is the strongest in emerging countries such as China.

Under a contract already made public, Siemens will also provide signal and control systems for Chongqing's first subway line and traction systems for Suzhou's first subway line. Hangzhou subway line one, the longest subway line in China, was installed with Siemens' advanced traction and brake systems. President and CEO Richard Hausmann of Siemens China said that there is strong demand for technology helping sustainable development and solutions for emissions reduction in China's big cities.

Siemens also announced that it would invest another 500 million yuan in China within the next 3 to 5 years to expand capacity of wind and electrical equipment to meet the fast-growing demand in the Chinese wind power market. "As our business portfolio is able to meet the demand as a result of the incentives intended to boost China's economy, we will further expand Siemens' business in China. Currently, we are drawing near the target of winning new orders worth 20 billion yuan in 2012, from the incentives intended to boost China's economy," Hausmann said.

Source: People's Daily Online

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