General Electric Co, one of the world's most profitable companies, expects to generate $3 billion in sales from China this year, said Chairman and Chief Executive Jeff Immelt on Thursday.

Immelt was speaking at the opening of a $64 million GE technology research center in China's financial stronghold, part of the U.S. titan's plan to move further into high-growth areas amid weakness in traditional industrial businesses such as plastics.

GE is intent on realizing an ambitious goal of racking up $5.0 billion in sales and $5 billion in procurement in China by the year 2005, targets Immelt said the company was on track to meet.

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