Honeywell bets big on growth in China

Industrial conglomerate Honeywell said on Friday that China is currently the single largest contributor to its global growth and it was committed to expanding business in the country.

The US firm's over $2.4 billion business in China has been clocking double-digit growth rates this year and accounted for over 20 percent of its annual growth, according to Shane Tedjarati, president of Honeywell Global High Growth Regions.

Tedjarati, who was part of US President Donald Trump's business delegation to China, said the company was also confident that the deepening bilateral trade cooperation between China and the US would be beneficial for both countries.