(Yicai) June 20 -- German auto parts giant Robert Bosch exports products and technologies developed in China overseas to support its businesses in other regions, according to the president of Bosch China.

Bosch’s success in China lies in the localization pace of the local automotive industry, Xu Daquan said at a media briefing on June 18, The Paper reported yesterday.

In the early stage, Bosch was developing products and technologies in Germany to export to China, Xu noted. But with the increase in China’s research and development capabilities over the past decade, more and more Chinese talents have been taking part in R&D efforts and working with original engineering manufacturers and partners to develop products and technologies, Xu added.

Bosch has invested nearly CNY50 billion (USD6.9 billion) in China over the past decade, with the focus in recent years being on the electrification, automation, and internet fields, according to data disclosed by Xu.

Bosch is also developing hydrogen fuel cells as the next-generation battery solutions after lithium batteries, as well as other new products, such as intelligent cockpits. The company has established relationships with many contract manufacturers.

China’s overall policy direction has encouraged the settlement of foreign companies, Xu said. Last August, the State Council issued an opinion on further optimizing the foreign investment environment to attract foreign capital, and since last year, the country has implemented visa-free policies for multiple countries, including Germany.

Bosch is a world-leading supplier of technologies and services. By the end of last year, it had about 429,000 employees, of which nearly 58,000 in China. It operated 63 subsidiaries in the country, with a total annual sales revenue of CNY139 billion (USD19.1 billion).

China has become Bosch’s largest single market outside of Germany and also the country where Bosch has the largest number of employees outside Germany.

Editor: Futura Costaglione