Tech heavyweight HP will step up investment in China as it works to better tap into the country's position as both a crucial market and an important part of its global supply chains, a senior executive said.

Jason Juang, managing director of HP Greater China, said: "As we look ahead, we see many opportunities to build on our success and serve the needs of our customers and communities (in China)."

"China's growing market, rapid technological development and advancing industry are paving the way for long-term, sustainable growth."

While media reported that the PC maker Dell is moving its supply chains out of China, HP said it has no such plans.

Enrique Lores, CEO of HP Inc, also said in a recent interview with CNBC in January that "China is a very important part of our supply chain, and it is gonna continue to be for the foreseeable future."