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GE eyes big slices of power and aviation

By Jing Shuiyu | China Daily | Updated: 2017-11-09 08:00

GE eyes big slices of power and aviation

John Rice, vice-chairman of GE CHINA DAILY

General Electric Co, a US-based conglomerate, is expected to ink deals running into several billions of dollars with Chinese companies, mainly in the power and aviation sector, during US President Donald Trump's state visit to China, a top official said on Wednesday.

John Rice, the vice-chairman of GE, who is part of Trump's business delegation to China, said that the projects in the pipeline, which are "in billions (of dollars)," will "include the combination of content from China with content from the United States".

It is of great importance for the world's two largest economies "to coexist in a constructive and complementary way," Rice told China Daily.

Noting balance of trade as one of the challenges facing the US and China, Rice said there are "understandable reasons" for that, and hoped that trade frictions could be resolved in a constructive manner.

"I don't think either country will benefit if there is a trade war," he said.

In his view, Sino-US trade activities are not confined to traditional forms, but also can take place beyond the two nation's boundaries, powered by collaboration around the world.

"We work with Chinese partners in infrastructure projects around the world that incorporate goods made in the US. Those don't show up as exports to China, but they are created because of the work we do with Chinese companies in economies along the Belt and Road Initiative," Rice said.

GE has been aligning company resources along China's B&R Initiative. According to Rice, GE orders from B&R-related projects are expected to rise to around $3 billion this year, as the company looks for synergy with Chinese firms that are operating under the initiative.

Rachel Duan, president and CEO of GE China, echoed Rice's point. "When it comes to trade, it may not exactly be from one country to another... In the future, you really need to use the collaboration model in the entire world landscape, and bring production factors like human capital and suppliers to where they are needed, regardless of country."

For instance, in the last six years, 50 new products by GE Healthcare have been developed in China and marketed globally, and 40 percent of those are exported to the emerging markets, she said.

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