Despite the slowing global economy and planned employee lay-offs around the world, German industrial giant Siemens has announced that it intends to invest considerably more in China than it had previously planned.

Besides the investments of around EUR1 billion by 2010 that were announced at the end of 2006, an additional EUR150 million is now earmarked for investment over the next three years in, among other things, the expansion of production capacity for alternative energy.

Richard Hausmann, president and CEO of Siemens' Chinese subsidiary stated that although the overall energy consumption in China is slowing down in the course of the economic downturn, the need for environmental friendly and efficient technologies is unchanged in order to replace old and environmentally critical technologies and to secure a safe power distribution. China is planning, inter alia, projects in the water and energy industries, in transportation, and in the areas of environmental protection and technological innovation in order to stimulate its domestic economy. Corresponding measures have already been initiated by the Chinese government.

"China is our largest market after Germany and the U.S. and a key driver of our worldwide business. With the planned investments, we want to further expand our presence in this vital market," said Siemens president and CEO Peter Löscher.

Siemens is one of the largest foreign-based employers in China, with over 40,000 employees in more than 90 companies and 60 regional offices and with EUR19 billion in world-wide revenues from green technologies, Siemens says it has the world's largest environmental portfolio.