WHEN: August 18, 6:15 AM, 7:13AM and 8:52AM ET
WHERE: CNBC's "Squawk Box"

Following is the unofficial transcript of a CNBC EXCLUSIVE INTERVIEW with Jeff Immelt Chairman & CEO General Electric, today on CNBC's "Squawk Box."

All references must be sourced to CNBC.

6:15AM

QUINTANILLA: A FEW HOURS AGO, WE CAUGHT UP WITH JEFF IMMELT, AND WE ASKED HIM WHAT LESSONS WILL BE DRAWING FROM THESE GAMES A YEAR FROM NOW.

IMMELT: I THINK FROM AN NBC STANDPOINT, I ALWAYS NEW THAT THEY WOULD DO A GREAT JOB OF TELEVISING IT. I THINK IT'S LUCKY WHEN A GUY LIKE PHELPS COMES IN AND DOES A GREAT JOB. I WAS SAYING THE OTHER DAY, HE MAY BE THE YOUNGEST VP IN GE HISTORY. BUT THE FACT OF THE MATTER IS THE ONLINE PIECE, OUR ABILITY TO KIND OF PUT IT ACROSS MSNBC AND MULTIPLE VENUES HAS REALLY BEEN FANTASTIC. I THINK THE ABILITY TO PACKAGE IT IN A WAY THAT WAS ENOUGH LIVE IN THE U.S. WOULD KEEP PEOPLE COMING BACK FOR MORE. I THINK THE TELEVISING PIECE HAS BEEN GREAT. AN THEN I WOULD SAY, CARL, FROM A GE STANDPOINT, YOU KNOW, WE'RE AN INFRASTRUCTURE MEDIA FINANCIAL SERVICE COMPANY. IT WAS ALWAYS OUR HYPOTHESIS THAT USING THE OLYMPICS AS AN INFRASTRUCTURE VENUE WOULD, WOULD, THE ABILITY TO DO $700 MILLION IN BUSINESS HERE, MAYBE DO AN EQUAL AMOUNT OR MORE IN LONDON, MAYBE DO 500 MILLION IN VANCOUVER, AND THEN TAKE WHAT WE LEARNED AROUND THE OLYMPICS AND MOVE IT TO THE SHANGHAI EXPO, OTHER PLACES IN ASIA, I THINK IT'S BEEN A WIN ON BOTH COUNTS. ON THE MEDIA SIDE AND ON THE TOTAL GE SIDE.

QUINTANILLA: BUT CHINA IN PARTICULAR SEEMS TO HIT ALL THE THINGS YOU WANT TO HIT. URBANIZATION, ENERGY, WATER RESOURCES. IS IT THE SWEETEST MARKET YOU'VE GOT?

IMMELT: CHINA'S REALLY CRITICALLY IMPORTANT AND I BELIEVE IN THE CASE OF GE, WE'RE IN THE EARLY DAYS OF OUR GROWTH HERE. I THINK YOU HAVE TO THINK ABOUT A PLACE LIKE CHINA AS OUR SECOND HOME MARKET AS A COMPANY. AND AS THIS URBANIZATION TAKES PLACE, AS YOU GET -- THERE'S 25 CITIES IN CHINA THAT ARE BIGGER THAN CHICAGO. 25 AIRPORTS. IT'S GOING TO BE THE LARGEST COMMERCIAL AVIATION MARKET IN THE WORLD BY 2020 OR 2025. I COULD JUST GO DOWN THE LIST. SO WE ARE LONG CHINA. WE MADE A BIG STATEMENT HERE WITH THE OLYMPICS AND THE SPONSORSHIP AND WE'RE NOT DISAPPOINTED IN TERMS OF WHAT THE RESULTS HAVE BEEN.

QUINTANILLA: ALL THE SAME, INFLATIONS AT 10%. THE DEMAND, THE BUILDING DEMAND, POST OLYMPICS, NATURALLY WILL FALL. THERE'S CHATTER ABOUT THE WORKERS WHO BUILT THE BIRD'S NEST ARE HAVE TROUBLE FINDING CONSTRUCTION JOBS NOW. IS THE SHIFT GOING TO SLOW EVEN TEMPORARILY?

IMMELT: IT'S ALWAYS BEEN THE SPECULATION THAT POST OLYMPICS, CHINA WAS GOING ON SLOW. I THINK YOU JUST HAVE TO LOOK WEST. THAT'S THE NEXT STORY IN CHINA. I'D SAY THE LAST 10 OR 20 YEARS HAVE BEEN ABOUT BEIJING AND SHANGHAI. NOW I THINK THE NEXT FIVE OR TEN YEARS WILL BE ABOUT GOING WEST. IT'S GOING TO BE ABOUT THE ENVIRONMENT. THE TECHNOLOGIES WILL CLEAN UP THE ENVIRONMENT. AND WHEN THE 11TH FIVE YEAR PLAN. AND IF YOU JUST GO BACK OVER THAT TIME PERIOD WITH THE CHINESE GOVERNMENT, REALLY THEY'VE HAD A METHODICAL APPROACH AND THERE'S GOING TO BE A FEW BUMPS IN THE ROAD, BUT I JUST -- I'M PRETTY OPTIMISTIC ABOUT WHAT WE SEE IN CHINA. I DID INTERVIEW WITH THE GE GUYS IN CHINA. THEIR BUSINESSES ARE ALL BOOMING. SO I FEEL ABOUT GOOD ABOUT WHAT WE SEE.

QUINTANILLA: YOU MENTIONED A GOVERNMENT. EVERYTHING WE CAN SEE IS THAT THE CHINESE ARE PROUD TO BE PART OF THE WORLD COMMUNITY NOW, RIGHT? BUT THEY'RE EVEN MORE PROUD TO SIMPLY BE CHINA. THE APPROVAL RATINGS FOR THE GOVERNMENT ARE THROUGH THE ROOF. DOESN'T THAT TAKE AWAY ANY INCENTIVE FOR THE GOVERNMENT TO BEND ON PIRACY?

IMMELT: I WOULD SAY, AGAIN, I'VE BEEN COMING HERE MORE THAN 20 YEARS. I'VE ALWAYS VIEWED THE CHINESE GOVERNMENT TO BE VERY PRAGMATIC THAT THEIR I DON'T THINK IS TO HOUSE AND FEED A BILLION PEOPLE, THAT THEY'VE ALWAYS RECOGNIZED THAT HAVING A GOOD RELATIONSHIP WITH THE UNITED STATES AND WITH THE REST OF THE WORLD IS VERY STRATEGIC ON THAT PATHWAY. SO I JUST THINK THEY BELIEVE DEEP DOWN THAT IT'S ALWAYS BEEN OFFICIAL TO ENGAGE AND HAVE A GOOD RELATIONSHIP WITH THE U.S.NOW, IT'S NOT LIKE THEY'RE GOING TO DO EVERYTHING THAT WE WANT THEM TO DO. MAYBE THERE'S SOME PLACES. BUT I THINK THE CHINESE GOVERNMENT GETS THE FACT THAT THEY'RE BETTER OFF WITH US WITH THE FRIEND, US MEANING THE U.S., THAN ANY OTHER WAY.

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