United Technologies Corp (UTX.N) has not experienced a decline in its orders from China as a consequence of the nation’s intention to restrict lending according to its chief executive.
Instead of cutting back orders, CEO Louis Chenevert informed a Barclays Capital Industrial Select conference, that orders for the United Technology’s Otis elevators were actually up in double digits as were those for it’s Carrier air conditioning systems.
Still elevators made up much of United Tech's $3.1 billion in Chinese sales last year and will likely continue to increase in the event the Chinese economy continues to grow. UT approximates 2010 Chinese economic growth at 9.9 percent exceeding other Asian nations and certainly surpassing global estimates of 2.9 percent expansion.
China's central bank has begun attempts to cap inflation by increasing mandatory reserves for banks and economists believe they will continue to take steps in this direction in the months to come.
United Tech shares gained 76 cents, or 1.2 percent, to reach $66.66 at midday.
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