Electronic giant Philips hopes to earn 12 billion euros in sales revenue in China by 2007, accounting for nearly one third of its gross global revenue, China Youth Daily reported Friday.

Zhang Yue, CEO of Philips Electronics China Group told reporters that the company views China as one of its most important markets.

Zhang was quoted by the newspaper as saying Philips will spend 80 million euros in promoting its new slogan in China, the United States, The Netherlands, Germany, France, Britain, Italy and Spain.

Philips' integration work in China is coming to an end. The united accounting center in Bangkok is responsible for the financial affairs of its China-based companies, which is expected to finish in early 2005, said Zhang.

To strengthen its management in China, he said, Philips has appointed a chief managing officer (CMO), who will take office in China on September 20.

Philips has invested US$3.4 billion in China since 1986.Its companies, 15 fully owned by Phillips and 20 joint ventures with Chinese partners, recorded sales revenue of US$7.5 billion in 2003.
 
(Xinhua News Agency September 18, 2004)