Hit by a slowdown in some industries, especially China's slowing investment in high-speed railways following an accident in Wenzhou, Zhejiang province, in July last year in which 40 people died, Voith's sales in China in the past fiscal year fell to 825 million euros. However, global sales increased by 2 percent to 5.7 billion euros.
"We remain optimistic about the prospects for the Chinese economy in the years to come despite the market slowdown in 2012," said Lienhard.
During the fiscal year, Voith secured several landmark orders, further consolidating its leadership in many key industries, including an 87.5 million euro contract with State Grid Corp, the country's largest power supplier, to provide four pumped storage units to the Jiangxi Hongping Pumped Storage Power Plant.
Lienhard also said the Chinese government's increasing focus on renewable energy, public transport and sustainable paper-making technologies to help the country's economic transformation will present Voith with unprecedented business opportunities in coming years.
"Our technologies and portfolio are well aligned with the mega-trends and priorities in China's 12th Five-Year Plan (2011-15) and we are primed for future growth thanks to a well-established leadership position in key markets," he said.
The government stated in its 12th Five-Year Plan that for development of renewable energy it will add 61 million kilowatts of installed hydropower generation capacity by 2015, and renewable energy will account for more than 20 percent of the country's total electricity generation.
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