China is a “very important market” for all key players in international business, Siemens President and CEO Joe Kaeser said during a discussion at the Reuters NEXT summit on Monday. Speaking to Reuters global industry editor Joe White, he said mainland China had roughly 400 gigawatts (GW) of coal-fired power plants, and the nation’s 13th Five-Year-Plan called on the government to replace such facilities with natural gas and renewable energies. “The question will be, ‘How will an economy [such as China] deal with the strategic importance of their energy supply’? Because obviously, energy is critical infrastructure, [just] as critical as telecommunications. Are you going to make yourself dependent on third-party suppliers in critical infrastructure”, he asked. The US-European Union (EU)-China triangle will also become the focus of international markets in the next few years, with analysts stating China will overtake the US economy in 2035, he added. © REUTERS / TYRONE SIU Internet to Split as US, China Tech War Intensifies but Biden Government May Ease Tensions, CEO Says But Mr Kaeser cautioned there would not be a major change in policy towards China under the incoming Biden administration as the US would defend its position as the number one… Read full this story
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