German semiconductor giant Infineon said Wednesday it is planning to invest $1.2 billion dollars in China by 2007.The move is intended to increase the company's share in the Chinese computer chip market from its current level of 5 percent to 10 percent within five years. The Chinese semiconductor market is expected to triple in size to more than $80 billion during the same timeframe, Infineon said, quoting forecasts by the market research firm iSuppli. Infineon has produced chips in China since 1994. As part of its expansion, the company plans to grow increase its current staff in China from 800 to 3,000. "We have set ourselves ambitious goals in China and are confident that we can achieve them," chairman Ulrich Schumacher said Tuesday at the opening of Infineon's new Chinese headquaters in Shanghai.