GE CEO Jeff R. Immelt announced on Tuesday the company will invest more than $2 billion through 2012 to expand its R&D capability and set up joint ventures in China.

About $500 million will go to R&D and new innovation centers, which are expected to add 1,000 jobs.

More than $1.5 billion will be used to set up technology and finance joint ventures, which include joint ventures with four State-owned companies in energy and railway sectors.