Global power and automation technologies supplier ABB Group is making heavy investments in research and development in China to offer smart technologies to support the country's next level of urbanization and industrialization, a company executive has said.

After doubling the investment in R&D in its largest market in the past three years, the European company will further expand investment, said Ulrich Spiesshofer, chief executive officer of ABB Group.

The new CEO, who took the job last month, strongly advocated smart technologies as the best solution for China's urbanization and industrialization drive at the 25th International Business Leaders Advisory Council in Shanghai during the weekend, in his report, "Building on Shanghai's Industrial and City Strengths".