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French power equipment producer Alstom has pinpointed China as the most important market for the company's power generation sector in its global strategy.
"China is a market which is growing fast and is key to our global business. If we are not a leader in our businesses here, we cannot succeed in the world," said Philippe Joubert, Alstom's executive vice-president and president for the company's power generation sector.
Joubert has just held his company's management conference in Beijing, which is being staged in China for the first time.
At the conference, Alstom's power sector has decided to invest further in China, after the company suffered from a financial crisis over a French government-backed 2.2-billion-euro (US$2.64 billion) bailout programme, Joubert said.
He said: "China is always the No 1 country in our investment list."
"We have been investing in all power generation fields in the country including hydro power and nuclear power."
He said that the company's strong back-up from the French Government, which now holds a 21 per cent stake in Alstom, allows it to enhance its investment in China's market.
"Our power business strategy here has entered into a new stage, that is to establish strategic alliances with Chinese partners and together explore the global market," Joubert said.
In the 1990s, Alstom became a local player through establishing joint ventures or partnerships to serve the domestic market.
To date, Alstom has established two wholly owned enterprises and invested in seven joint ventures in China.
Joubert said that in coming years, the company will make more investment in its joint ventures, and look for new strategic partnerships, to make China a key production base for its power businesses worldwide.
(China Daily September 6, 2004)
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