Welch Eyes Post-WTO MarketJack Welch, chairman and chief executive officer of General Electric of the United States, said recently that his company is getting ready for the eventual benefits of China's World Trade Organization (WTO) arrangement."We believe the WTO impact will be felt over time, it is not going to be an instantaneous change. But we believe investing our own, getting position, getting our distribution networks in place and hiring great Chinese talent will position ourselves for eventual benefits of a WTO arrangement," Welch said at the opening ceremony of a US$30 million GE plastics compounding plant in Pudong's Waigaoqiao Free Trade Zone recently. "We don't expect an overnight transformation. But there is no question that our success in China continues to grow, and we are encouraged by the progress," Welch said. The new Pudong plant, GE Plastics Shanghai Co Ltd, with an initial capacity of 30,000 metric tons, will manufacture a full range of compounded engineering thermoplastic resin, including Lexan polycarbonates, Cycoloy, Noryl PPO (polyphenylene oxide) and Cycolac ABS. It will also be capable of producing advanced eco-friendly flame-retardant plastics. The materials will be used in a variety of high-technology applications in computers, printers, copiers, telecommunication devices, cell phones, appliances and automobiles, markets that are growing fast in China. "I am delighted that the GE Plastics China team met the challenge to complete this plant ahead of schedule, in order to support the growing demands of their customers," said Welch. "This investment is a further demonstration of GE Plastics' long-term commitment to the fast-growing market in China." Construction of the Pudong plastics plant took nine and a half months instead of the planned 15 months, setting a record for plant construction for GE as well as the Pudong New Area, according to Welch and Shanghai Vice-Mayor Zhou Yupeng. The fast construction was achieved under the encouragement of Welch, who was impressed by the construction of the Shanghai International Convention Centre, which hosted the Fortune Global Forum a year ago. The convention centre was built in 11 months. Since Welch took over as CEO of GE in 1981, the company's market capitalization has expanded from US$14 billion to US$510 billion, making GE the most valuable company in the world. |
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