Siemens exec praises innovation, progress in five-year plan

German technology company Siemens AG will deploy more resources to seize market share in China's infrastructure, healthcare, urban and interurban transport systems during the country's 14th Five-Year Plan (2021-25) period, said its global head.

By putting innovation and progress front and center, China's five-year plan will take economic and social development to the next level, said Roland Busch, president and CEO of Siemens AG.

"This plan stands for a conviction that Siemens shares and that drives us," he said, adding that with the ambitious expansion of future industries and markets, new technologies are brought into the mainstream.

To drive progress and economic growth, Busch said the plan also includes decisive measures to strengthen and accelerate research and development. The additional investments will be even more effective if the national innovation programs are opened up further.

Since many companies across various sectors have already started their digital transformation, especially in China, he said in Siemens's new digital factory in Nanjing, which will be put into operation this year, its productivity would increase 20 percent by deploying Industry 4.0 digital technologies along the entire value chain.