Siemens banks on innovation for road ahead

German engineering and electronics conglomerate Siemens AG will establish a new innovation center in China and further enhance its market presence in South China's Pearl River Delta region next year.

The company said the center will work right across its different divisions, and employ 300 staff to conduct research on new digitalization solutions for both the Chinese and global markets.

Roland Busch, a member of Siemens' management board, said the country's surging wealth and ongoing urbanization process have put traditional labor-intensive industries under huge pressure in terms of technology upgrade, recruitment and high employee turnover.