Swedish clothing firm New Wave Group AB on Wednesday revealed plans to extend its operations in China in 2003 through the setting up of two new subsidiaries.

New Wave said it intends to open a subsidiary in either Shanghai or Hong Kong for its major European clients along with a subsidiary in Shanghai for sales of its promo wear and promo gifts range in the Chinese market.

"We now choose to increase our growth rate again, through new business starts for instance, after a very good result development during 2002," said president Torsten Jansson in a news release.

We have always believed and declared that the fourth quarter of 2002 will be a very good one, which we are now able to confirm. Thanks to the current result development it is definitely time to increase the growth rate, through new business starts as well as acquisitions."