SHANGHAI (Reuters) -- German industrial conglomerate ThyssenKrupp aims to double its China sales to 2 billion euros (2.85 billion dollars) in the next five years, its chief executive said on Sunday.

Ekkehard Schulz told Reuters on the sidelines of an event in Shanghai that the company also aimed to invest 500 million euros in China over the same period, including in such areas as automotive components, elevators, and bearings for windmills.
The company also has a galvanized steel partnership with Angang New Steel (0347.HK) in Northeast China that plans to double annual capacity to 800,000 tons by next year.
ThyssenKrupp's sales have been climbing in China as rapid economic growth fuels robust demand for industrial products.
Schulz criticized the Chinese government, however, for insufficient action to curb steel exports.
""Ten million tons of steel will be exported to the EU this year. Last year was only half that,"" he said.
""All the measures taken by the Chinese government to curb these exports have been without effect so far.""
Despite Beijing's adoption of policies in June and July to curb record steel exports, including a cut in tax rebates, shipments abroad have remained stronger than many industry executives and analysts had expected as domestic crude steel output expands.
""If China wishes to avoid long-running trade conflicts, the rules of the market have to be obeyed,"" Schulz said.
He added that his company currently had no plans to set up a new steel joint venture or to buy a stake in a steel mill in China.
In addition to its partnership with Angang, ThyssenKrupp owns a 60 percent stake in a stainless steel joint venture with Baosteel (600019.SS), which accounted for about 40 percent of the German company's roughly 1 billion euros in China sales during the 2005/06 fiscal year to September 30.
Schulz said he had not been approached by U.S. steelmaker Nucor (NUE.N) about a possible acquisition of a stake in his company.
Shares in ThyssenKrupp rose early last week as traders cited talk that Nucor was keen to acquire a stake in the German company.
""That was rumor,"" Schulz said.