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ABB, a power and automation technology firm, saw its revenue in China grow by 20 percent year-on-year last year to US$2.4 billion, making the country the firm's second largest market after the United States.

 

"Our very strong performance in China last year was driven by our ability to support the country's fast economic expansion," said Michel Demare, executive vice president of ABB Group.

 

China has overtaken Germany to become the second-biggest market for ABB, which makes such things as transmission equipment for electricity power networks.

 

"We hope China will one day become the No 1 market for us."

 

"Localization and cost migration have contributed strongly to our successful operations in China," said Demare, also ABB Group's chief financial officer (CFO).

 

The Swiss-headquartered company has so far made a total investment of US$700 million in China.

 

It added five new factories and 1,000 people to its China operations in 2005, bringing its total number of plants to 25 and increasing its China workforce to 8,500.

 

The technology firm also opened a research center in Beijing last year.

 

"We will continue to make significant investment in the country," the CFO said, adding that the future pace of investment would be even higher than the current one, which has averaged US$60 million annually over the past several years.

 

In 2004, ABB set an ambitious plan for its China expansion, targeting year-on-year growth of 20 percent and a revenue of US$4 billion by 2008.

 

"ABB is now on track with this strategy," said the CFO, who is currently visiting China.

 

The power and automation giant also plans to make locally-produced products, which it says will account for 80 to 90 percent of all of its sales in China.

 

By the end of last year, 78 percent of its products sold in China were already locally manufactured, according to Demare.

 

(China Daily March 8, 2006)