Rui Dongyang, general manager of China's Guangzhou Zhiguang Electric Co., Ltd, told Xinhua on Thursday that the current financial turmoil did not cast serious impacts on the domestic energy-saving electric industry.

"The real economies are definitely affected by the financial crisis and our sales to the cement, iron and steel industries saw some slower growth pace in the previous several months," Rui said.

However, the country's support for establishing an energy-saving and environmentally-friendly society provides us with huge room for long-term development, he added.

China's government has set a target to reduce energy consumption per unit of gross domestic product (GDP) by 20 percent and major pollutant emissions by 10 percent from the 2005 levels by 2010 to protect the environment, save energy and ensure a sustainable development.

He added that the country's recent economy stimulus package would also provide more opportunities for his industry.

The Shenzhen-listed company launched the self-developed 7,000kVA high voltage variable frequency speed control system here on Wednesday, the largest one ever designed by a domestic manufacturer.

The system could help large-sized electricity-powered machinery to save at least 20 percent energy consumption each year. The system is widely used in power generating plants and large-scale companies, according to the southern-Guangdong based company.

Sun Yuanzhang, a professor from Tsinghua University, said this product marked that China had kept in line with the world's most advanced technologies in the industry.

But Sun also emphasized there was still a lag between China's overall technology strength in this field and the application coverage of these products across different industries.

(Xinhua News Agency November 13, 2008)