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Industrials

Siemens CEO says China business is doing better than last year

ZURICH (Reuters) - Siemens SIEGn.DE is seeing an improvement in its business in China but remains uncertain about the development of the United States market, Chief Executive Joe Kaeser said on Thursday.

“China has been able to very quickly recover. In our business China is up compared to last year’s period. We are seeing higher numbers in demand than pre-crisis,” he told CNBC after Siemens posted its third quarter results.

The engineering company was also seeing the start of a recovery in demand in Germany but was uncertain about the United States, he said.

“The jury is still out,” Kaeser said, referring to the need to control the virus in the United States.

Reporting by John Revill; Editing by Michelle Martin

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