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GE plunks down $2 billion on China R&D, technology and finance ventures

By Larry Dignan | November 9, 2010, 5:40 AM PST

General Electric outlined plans to invest more than $2 billion through 2012 on China ventures focused on research and development, technology and financial services.

GE CEO Jeff Immelt outlined the plans in Beijing.

Among the moving parts:

GE will spend $500 million on innovation centers in China and hire 1,000 workers through 2012.
The company will invest $1.5 million or so to fund joint ventures with state-owned companies in high-tech.
The company inked four joint-venture deals in energy and rail.

According to the company, it will create innovation centers in six cities. First phase cities will include Chengdu, Shenyang and Xi’an. These centers will focus on product development, engineering and support in healthcare, clean-tech, smart grid, lighting, rail and aviation.

As for the joint ventures, GE forged deals with a series of state owned companies focused on grid monitoring, green power equipment, diesel locomotives and urban transit.

GE employs 14,000 people in China.

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About Larry Dignan

Larry Dignan is the editor-in-chief of SmartPlanet.

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

If the US government was truly interested in alternative energy and mass transit R&D instead of forcing us to continue to increase profits for Big Oil, GE wouldn't have to go to China for R&D in these fields.
China leads us in all the areas GE is interested in exploring while our Congress is preventing any serious threats to their oil company special interest income. If they actually cared about renewable resources, they would provide the tax breaks and investments needed to companies like GE and a lot of small business that want to work on them. Instead, they trickle a few paltry dollars into a general bucket labelled "Renewable Energy R&D" so they can boast of their support for it at election time and ignore it the rest of the time. Of course, they ensure that the dollars in that bucket are totally insufficient to actual have any affect.
Then, along come the right wing morons like "ahh so" who blame Obama. When will you idiots realize that it is CONGRESS that does this, not one person elected to the presidency? Keep electing big business advocates, especially those on Big Oil's payroll, to Congress and this is what you get; innovation FORCED to go to China to help America.
Keep outsourcing American jobs overseas, ignore our needs for alternative energy sources and "pooh pooh" mass transportation needs in America and watch America become a third world country, fools. If companies like GE have to get in bed with the Chinese, blame Congress, not GE or the president. I don't care if the president is Republican, Democrat or Martian, he/she does not make the laws and does not create the budget, CONGRESS does.
Get over it and get real, already.

Posted by xffcapt01

11th Nov 2010

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

Oh, good. One more reason not to buy GE products.

Posted by ITOdeed

9th Nov 2010

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

American business has ALWAYS been misaligned with American
interests... PROFIT PROFIT PROFIT!

Posted by DoctorEigenFlow

9th Nov 2010

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

its good or bad for the American worker?

Posted by mariozavala

9th Nov 2010

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

Very good job, GE! Let's cut some more taxes from you, that way
you will have more money to invest there... This is a shame for an
American company I used to respect. We need innovation centers in
US, we need monitoring grids in US... Just give me a break.

Posted by FuzzyIce

9th Nov 2010

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More outsourcing - That's just great...

The government really needs to take their tax breaks away from them. Big time!

Obammy is just as bad as Bush.

Posted by ahh so

9th Nov 2010

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RE: GE plunks down $2 billion on China R&D, technology and finance ventures

Posted by xffcapt01

11th Nov 2010

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