General Electric Co. (NYSE: GE) CEO Says China Comments Taken Out of Context

General Electric Co. (NYSE: GE) said on Thursday that comments made by CEO Jeffrey immelt have been taken out of context after the Financial Times quoted him criticizing President Obama and China during a private discussion.

“The comments attributed to GE CEO Jeff Immelt by the FT were taken out of context and, in some instances, inaccurately reported,” Gary Sheffer, a spokesman at GE.

“Mr. Immelt’s comments at a private dinner focused on the relationship between business and government in general and did not single out President Obama,” Sheffer said. “Mr. Immelt also discussed the attractiveness and importance of China as a market for GE during a discussion on the complexities of doing business globally.”

The Financial Times said that during a speech in Rome, Immelt had harsh words for President Obama. He reportedly said that there’s a “terrible” national mood and said that he had concern with over-regulation in response to the financial crisis which would hinder a “tepid” U.S. economic recovery.

The Financial Times also reported that Immelt said that business executives dislike the president. The report quoted Immelt as calling the U.S. a “pathetic exporter” and said the nation has to become an “industrial powerhouse” again.

“But you don’t do this when government and entrepreneurs are not in sync,” the Financial Times quoted him as saying.

Immelt also said that G.E. had encountered the toughest business conditions in China during the last 25 years. “I really worry about China,” Immelt was quoted as saying. “I am not sure that in the end they want any of us to win, or any of us to be successful.”