BUSINESS: GE says its Future is in China

General Electric (GE) plans to set up 5 new regional headquarters in China. GE now operates 2 regional headquarters, in Shanghai and Beijing. The new locations will be in Shenyang, Wuhan, Chengdu, Xi'an, and Guangzhou — provincial capitals in the northeast, central, southwest, northwest, and south regions.

The move is part of GE's new strategy to make China its second "home country". The company said that China is not only a market, but a significant R&D base and a basic foothold for GE's future development. A company official said "GE has been following the American and European markets over the past century, but China will turn into a priority in the future."

The new headquarters will help existing functional departments in different regions to further explore the market and develop more China-oriented products. Since last year, GE has invested US$55 million on the R&D of new products for China, with a focus on clean energy, water treatment, and new materials.