(Reuters) – General Electric Co (GE.N) aims to double the number of joint ventures it has in China from the current 28 in roughly five years, its vice-chairman said on Friday.

John Rice, who is based in Hong Kong and runs the company’s global operations, said GE will buy more, sell more and make more in China.

Rice was speaking at an American Chamber of Commerce event in the city.

The largest U.S. conglomerate makes electric turbines, water-purification systems, medical equipment and other infrastructure equipment that developing nations invest in as they industrialize.