General Electric, which last week announced its worst quarter of financial results in five years, plans to invest up to $2 billion in acquisitions and other deals in China over the next three years as it looks to double revenues in the country.

The world's biggest industrial company is looking to hire a team of 20 "in-house investment bankers" to conduct the deals in China.

"If we do not invest $2 billion over the next three years, I would be disappointed," said Steve Bertamini, chairman of GE's China operations.

Bertamini said that the recent sharp drop in the mainland stock market, which is down nearly a half from its peak, would make it easier to negotiate investments.

"One of the reasons we have not done much so far is because the prices have been so high", he said.

The group will also continue to form joint ventures with leading Chinese companies, in part because in sectors such as infrastructure and power generation, there are foreign investment restrictions.

It added that GE plans to increase its China revenues to $10 billion by 2010, up from $4.4 billion last year. GE also plans to increase sourcing and design in China and import fewer components.