Editor's Note: The opportunities brought by the Chinese market to GE Lighting are not limited to the Beijing Olympics. Luo Bangmin and his team have more expectations. In an exclusive interview, Luo Bangmin revealed GE's next step in China.
Luo Bangmin, Vice President and President of China, GE Click here to view all news photos
An important means of doubling sales is to be more localized.
As an Olympic global partner, General Electric (GE) apparently “intervened†in the Beijing Olympics more than other companies. Like many American political and economic dignitaries, all members of the GE Board of Directors spent the third week of August in China. They first attended the opening ceremony of GE's new campus in Shanghai and then went to Beijing to see the Olympics.
Luo Bangmin, president of GE China, welcomed his board members with a smile of satisfaction, because the Beijing Olympics has become the most successful battle in the history of GE Olympics marketing. GE achieved more than $1.7 billion in marketing revenue through the Beijing 2008 Olympics. In addition to receiving contracts for 400 Olympic and related infrastructure projects worth $700 million in Beijing and around, GE's NBCUniversal broadcasted Beijing. The Olympics’ advertising revenue exceeded $1 billion.
China's opportunities for GE are not limited to the Beijing Olympics. Luo Bangmin and his team have more expectations. In an exclusive interview, Luo Bangmin revealed GE's next step in China.
Reporter: In 2008, the Olympic Games came to the East. It is well known that the Olympics came from Greece. This shows that the Chinese have a dream and hope that the world is flat. In addition to competitive sports, it should be gradually approached in other aspects. In the demonstration of the Olympic Park, we saw the direct drinking water project and the comprehensive utilization project of rain and flood provided by GE to make the "Bird's Nest" work normally. I would like to ask, will GE give this technology to the Chinese one day? Or if GE only regards China as a market or as a production base, it will transfer production lines and design lines to China like other Fortune 500 companies. ?
Luo Bangmin: It should be said that in the past we relied too much on importing some products produced in the US and Europe. Now we are realizing the shift of strategic focus. As our chairman Immelt said, we want to turn China into GE. The second home.
We are accelerating this process, and in the future, we will produce more products in China that are in line with the Chinese market. First of all, we must speed up the development of products in China that are in line with the Chinese market. We have 1,800 engineers in China who are doing this work.
Second, while we are producing more products that are in line with the Chinese market, we hope that these products can be used in other important markets in the world, especially in emerging markets such as India and Africa.
Third, we have also seen that many local companies in China are growing up. We are ready to establish joint ventures with these emerging companies, or to undertake other forms of cooperation, and we will also consider making some acquisitions in China.
Another part of our strategy is that we want to expand the coverage of our products. Now GE China has 12,700 employees nationwide, most of them in Beijing, Shanghai and some coastal cities. Next, we will establish seven key regional cities outside Beijing and Shanghai. We will use them as a base for strengthening cooperation with the government and partners, recruiting talents, and making full use of our technology and capabilities to further develop in this place.
The most recent example is that we are expanding cooperation in the Shenyang area of ​​Liaoning. We already have a ready-made production base, a production base for wind energy generators. We will further establish a production base for the transportation business and set up an engineering technology center. To support our energy and gas business. We have signed a memorandum of understanding on comprehensive cooperation with the Liaoning Provincial Government. The Shenyang model will be a sample of our development in second-tier cities in China.
In 2008, GE expects to achieve $5 billion in sales in Greater China. Our goal is to double this number in the next three years. An important means of achieving this goal is to be more local.
Reporter: GE has been in China for 100 years. Before we remembered GE, we always thought it was a big truck. But it has now become a television signal and has become a financial service. We want to know the current strategic focus of GM, that is, whether its financial services will have new practices in China. For example, how does it work with Chinese SMEs, does GE China have any plans for this?
Luo Bangmin: GE is actually the largest leasing company in the world. The objects of our financial leasing are not those super-large enterprises, which can be done by banks. Our goal is for the mid-market, some medium-sized companies. Our strategy in China is also aimed at those mid-level strategic markets that leverage our strengths in global financial services to expand our business in China.
Due to some restrictions in China's financial market, we have not yet fully launched our financial business here. The only exception may be our aircraft leasing business. Currently we are renting an aircraft worth about US$3 billion in China.
We also have a large consumer finance business around the world. It is our brand GEMoney. Now we are doing credit card business in China and working with Shenzhen Development Bank to issue cards. We are also trying to make loans for auto business. We are now doing this business in China through a financial company. In the long run, we also consider establishing a bank in China.
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