Siemens AG, a Munich-based manufacturer of telecommunication equipment, will increase investment in China in spite of the global financial turmoil, sources reported.

According to Richard Hausmann, president and CEO of Siemens (China), the company will not cut investment in China, instead, it will add more investment in the country, especially in the Pearl River Delta region, since the business in China has become a crucial pillar for Siemens.

Without any external debt, Siemens AG has quite good financial state at present, the CEO noted.

Siemens is currently in talks with the Ministry of Railways of China on the express railway project from Wuhan to Guangzhou, and has submitted the bid for 60 high-speed trains with the speed of 350 km/h to the Chinese government, together with its local partners.