China's economic 'new normal' generates opportunities: ABB

Senior executives from the ABB Group said on Wednesday that China's reform ambitions and its new phase of economic development would create business opportunities for foreign companies.

"With a new round of reform measures, China is pursuing a next level development path that's focused on quality and efficiency -- a shift away from the speed and quantity-centered model," said senior vice president of the Zurich-headquartered power and automation technology group, Gu Chunyuan.

"The 'new normal' of economic development, characterized by the new environment of urbanization, energy structure optimization and industrial modernization, brings new business opportunities," said Gu.

ABB CEO Ulrich Spiesshofer said one of China's main tasks was to decouple economic growth from environmental pollution.

Last week, China released the Energy Development Strategy Action Plan (2014-2020), promising to cut coal consumption, use more green power and enhance energy efficiency.

The ABB executives believed this would result in great opportunities for companies able to provide solutions in these fields.

"Smart technology is the best way to achieve sustainable economic and social development," said Gu, adding that ABB was willing to work with partners to deal with challenges brought by the energy crunch and environmental pressures.

China is ABB's second largest market globally. Last year, its sales revenue in China topped 5.6 billion US dollars.