The chief executive of Siemens has vowed to expand its market share in China, arguing the market is crucial for innovation and growth at the industrial conglomerate.
The comments by Roland Busch come as German companies are under increasing pressure to diversify away from China, as Berlin seeks to reduce its dependence on what it perceives as a geopolitically risky market after being stung by its reliance on Russian gas.
Busch, however, told the Financial Times that it was “not an option” to pull out of the market, which accounts for 13 per cent of company revenues.
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