Bosch continues expansion in midwest China (2)

Raschke, who has just returned after more than four years in China, expressed confidence in the development of the midwestern regions.

Taking Chengdu as an example, he said he was amazed by the professionalism, eagerness of local authorities and the quality of infrastructure in the city.

Commenting on the move by some foreign companies to countries with lower production costs, Raschke stressed his confidence in China's ongoing importance.

Currently, all of Bosch's four business sectors, including automotive technology, industrial technology, consumer goods, energy and building technology, are operating in China.

Raschke also shared his suggestions on how a company can become a worldwide leader. "Companies should focus on patience, innovative spirit and a good brand," he said, adding it had taken Bosch 127 years to become a world class manufacturer of technology, services and goods.

As for the efforts of Chinese companies to upgrade their products through innovation, Raschke said a growing number of patents came from China and some Chinese companies, such as Huawei and ZTE, had played a leading role in their industries.

As China transforms its economy from an export-led one to a more domestic demand-driven one, Raschke said domestic consumption should be increased in the country, with a healthier insurance and pension system in order to boost consumers' confidence to consume.