Power firm to maintain plans for long-term growth in China

The ABB Group, a power and automation technology company, doubled its investment in China in 2011 despite the country's slowing economy, and says it plans to keep investing at a similar rate to pave the way for its own long-term growth.

The Swedish-Swiss company released its 2011 financial results for China on Wednesday, showing that its revenue in the country was $5.1 billion for the year, a record increase of 21 percent from 2010. ABB also set a record in annual investment by putting $230 million into the country, more than double the amount of the previous six years.

Markus Kistler, chief financial officer for ABB North Asia and China, said the company plans to keep its 2012 rate of investment into the Chinese market the same as last year despite uncertainties stemming from such factors as increasing labor costs, the possibility of markets further opening up and increasing domestic consumption.