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BEIJING, April 7 -- Rolls-Royce is to deepen industrial cooperation with China in a range of sectors, reported Xinhua, quoting a senior executive with the British engineering giant.
"China is not only a key strategic market, but also a major supply chain management hub for Rolls-Royce. We are putting more new business here and localising even quicker," said Julian MacCormac, country director of Rolls-Royce China.
As a major global aerospace power and propulsion system provider, Rolls-Royce generated about 10 per cent of its global revenue last year in the Chinese market.
MacCormac said the company is eyeing more diverse fields and potential in China, including civil aviation, power systems, engine parts and components, and emerging opportunities from carbon reduction.
Amid the COVID-19 challenge to the global aviation industry, Rolls-Royce saw its business shrink in 2020 and started to restructure. However, its supply chain in China continued operating as the country quickly recovered from the epidemic.
"It gives us huge confidence in sourcing from China," MacCormac said. The company now has multiple joint ventures with Chinese partners and an extensive network of suppliers across the country. "They are an essential part of our global supply chain."
He said the company's sourcing in China is expected to increase by up to US$100 million annually from 2023 onwards.