German industrial group ThyssenKrupp sees good prospects for significant expansion in China.

"In the current fiscal year, we are going to double our sales from local production in China to almost one billion euros (US$1.27 billion)," said Alfred Wewers, president and chief executive officer of ThyssenKrupp (China) Ltd.

 "Including the sales of subsidiaries which are not consolidated, the figure is higher by 200 million euros (US$254 million)," he said.

Today, ThyssenKrupp operates 35 companies from all of its six business segments in China.

The focus is on steel and stainless steel processing, automotive components and systems, elevators/escalators and passenger boarding bridges, large diameter slewing bearings, as well as stock-holding trading business and industrial services.

A highlight is the high-speed maglev train "Transrapid" linking Shanghai Pudong International Airport and Lujiazui financial district.

This future-oriented transportation system was built through the co-operation of Chinese and German partners. ThyssenKrupp is one of them.

"Half our sales increase comes from newly established companies and the rest is due to organic growth," Wewers explained.

 ThyssenKrupp intends to serve the Chinese market rather than produce for exports.
The fast-growing Chinese economy with its enormous needs for investment as well as consumption will for long provide good prospects for foreign investors.

Hence, the German conglomerate makes all its investment decisions on the basis of a long-term engagement.

"Last year, we emphasized our commitment to China by establishing our national holding company." Wewers is convinced that this set-up allows better opportunities to co-ordinate interests, provide services to group companies in China, and create a corporate image.

In total, ThyssenKrupp companies employ 4,200 people in China with less than two per cent accounting for expatriates.

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