China's initiative to develop "new infrastructure" including 5G networks and big data centers has created opportunities for transport multinationals to tap into, said Juergen Model, CEO of Siemens Mobility Greater China.
The company has set up several research and development (R&D) centers that will allow it to become an active part of the country's push to make the transportation sector smarter and greener, Model told Xinhua in an interview.
In September, the firm established its first 5G Center of Competence in Liangjiang New Area in southwest China's Chongqing Municipality, tasked with R&D and execution of programs in intelligent connected vehicles (ICVs), 5G and autonomous driving, among others.
"China is the best place for it," Model said, citing the country's impressive development in 5G and ICVs.
The company has also formed partnerships with several other cities, leveraging its technological edge to offer targeted solutions to each city.
"When we talk about localization, it's not about the localization of manufacturing anymore. It's about the next step," Model said.
"We are very much focusing on R&D to develop technology in China for China," he said.
China has made significant progress in the transportation sector over the past years, with an impressive scale of networks established for all means of transportation, Model said.
The country's high-speed rail lines in operation are expected to reach 38,000 km by the end of this year, topping the world, data from the Ministry of Transport showed.
"What has been achieved is simply breathtaking," Model said.
As China is mulling the 14th Five-Year Plan for social and economic development, Model expects continuous development in the transportation sector in the next five years, with a new focus on three megatrends, namely decarbonization, urbanization and digitalization.
"I believe we can benefit from this new five-year plan because our offerings are fitting what I believe will be needed in the future," he said.
Noting that China is likely to register GDP growth for the whole year amid efficient control of COVID-19, Model is confident in the company's future operation in the country.
"We are here, and we will stay here. We will keep investing and growing in the China market," he said.