Commenting on the recent rumor which says Siemens China will cut 10,000 jobs, CEO of Siemens (SI) China Hao Ruiqiang says that the news is untrue and the company will not change its plan to invest CNY10 billion in China in the future.

According to online news reports, Hao says the layoff of 10,000 employees is inexact. Siemens China currently does not have layoff plans; instead the company hired 3,000 new employees over the last fiscal year. In the next few years, China's economy will maintain a rapid growth and the company hopes to grow with China. Hao adds that the staff turnover rate of Siemens is about 8% while that of the industry is 13%. Therefore, Siemens needs new talents all the time. Its new campus recruitment plan for 2009 has already been launched.

Hao pointed out that facing the current financial crisis, the company should focus more on research and development. Siemens will not give up its CNY10 billion interim investment in China and by 2010, the overall scale of Siemens' businesses in China will reach CNY100 billion.

He also reveals that in response to the CNY4 trillion economic stimulus plan recently launched by the Chinese government, the company will shift its focuses to such sectors as rural area development, energy saving and environment protection, and local innovation. Siemens will increase its investments in technologies and solutions which are suitable for China's rural areas.

According to Siemens financial report for the 2008 fiscal year, both Siemens China's sales and new orders achieved a rapid growth of 19%, reaching CNY57 billion and CNY65.5 billion, respectively.