Asea Brown Boveri (ABB) plans to expand its investment in the mainland above the US$600 million to US$700 million it has put in so far, according to chief executive Anders Narvinger. Mr Narvinger was in Beijing to attend events marking the 50th anniversary of diplomatic relations between the mainland and Sweden and to meet mainland business and government leaders. ABB has 25 companies in the mainland, employing 5,000 people, mainly in power transmission and distribution, building technologies and automation. 'China is building one of the most modern power networks in the world, with high voltage AC and DC transmission,' he said. 'It has the advantage of building a new network using the most modern technology. It is one of our most important markets and will be a very large market for many years, in transmission and distribution. 'Such a modern system minimises losses and is more stable. China is a vast country, with much of the production of power inland and consumption in coastal areas in the east.' Most of the nation's coal is in the north and northwest, and the government wants construction of pit-head power plants, so that electricity, rather than coal, is carried across the country. ABB has contracts worth US$500 million from the Three Gorges project on the Yangtze river, in power transmission and generation. 'There might be delays on such a huge project. But our part of the project is going according to plan,' Mr Narvinger said. Asked if ABB was making a profit in the mainland, he declined to give figures, saying only that ABB was satisfied with development.