France-based Suez Environment (Suez) and US-based General Electric Co (GE) recently signed an agreement to jointly develop new urban water management technologies, and the first projects will focus on cities in China and France, China Securities Journal reported Thursday.

"We have already read the National 12th Five-year Plan (2011-2015) and believe that the goal of sustainable development and recycling economy in the plan fit our business and corporate ethics. We hope Suez can help more cities in China solve water and waste management problems," Suez Chief Executive Jean-Louis Chaussade said.

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An unnamed Suez executive told the newspaper that Suez set up its joint venture with Chongqing Water Group Co Ltd in 2002. "We are considering becoming partners with our Chongqing counterparts to do more projects and expand our business to the whole China market," the executive said.

Suez Environment reported 13.9 billion euros in revenues in 2010. Its revenue in China totaled 0.94 billion euros, accounting for 7 percent of its global earnings.

The water management industry in China performed well in 2010. The 18 listed water enterprises achieved an average return rate of 0.58 per share. Chongqing Water ranked at the top with net profits of 1.29 billion yuan, according to company financial reports.