Bosch Group, which is slowing business expectations for this year because of negative currency effects and the economic slowdown, said yesterday it would continue to increase its business and investment in China.
The German auto parts manufacturer said it remained confident in the sustained growth of the world's second largest auto market even though global financial turmoil and economic slowdowns have prompted car makers to slash jobs and cut production in Western markets.
"The recent financial crisis has hardly affected the Chinese banks because engagement is limited," Franz Fehrenbach, chairman of the board of management of Bosch.
"We are confident China will continue its high growth in the foreseeable future," he said in Beijing yesterday.
Bosch had invested some 1 billion euros (US$1.36 billion) in China by 2007. Another 850 million euros will be added between 2008 and 2010 to develop energy-efficient, clean and green driving solutions.
Production in its Wuxi, Jiangsu Province, plant will be expanded from 100,000 units to 1.4 million in 2010.
(Shanghai Daily October 14, 2008)
