On the Call: GE CEO Jeff Immelt talks about business in China

On the Call: GE CEO Jeff Immelt

FAIRFIELD, Conn. — Industrial and financial giant General Electric Co. reported second-quarter earnings Friday that were up 16 percent, the first profit increase since late 2007 for the conglomerate. The company generates a considerable amount of its sales overseas, and is expanding in China in areas such as aviation and energy.

GE CEO Jeff Immelt was recently quoted saying that it is difficult for foreign countries to do business in China. GE later said that Immelt was misquoted, but he addressed the issue during the company’s conference call when an analyst asked about the issue.

QUESTION: Could you give us a little additional perspective on how you see the market transitioning (in China)?

RESPONSE: “It is an extremely big and strategic market. We’ve got a big footprint of $6 billion and we plan to grow in double digits … . When you add it all up, I still view China as an immensely strategic market for GE, one that we are doing well in and one that we will continue to grow in and one where we will have strategic opportunities from a cost and business market standpoint in the future.”