engineering machinery, China, export--China to become a big engineering machinery exporter

Thanks to surging domestic demand, China's engineering machinery industry has achieved high-speed growth in 2010 and is expected to export about 20 billion U.S. dollars worth of engineering machinery by 2015, making it a major engineering machinery exporter in the world.

Because of the surge in domestic demand, China Construction Machinery Association estimates that the annual sales of China's engineering machinery industry will reach about 400 billion yuan in 2010, an increase of over 20 percent from a year earlier. Sales are expected to exceed 900 billion yuan by the end of the 12th Five-year Plan period.

Data shows that the annual sales of China's engineering machinery industry stood at 162 billion yuan, 222 billion yuan, 277 billion yuan and 316 billion yuan in the first four years of the 11th Five-year Plan period, respectively, a year-on-year increase of 28 percent, 37 percent, 25 percent and 14 percent, respectively.

Qi Jun, president of the China Construction Machinery Association, said China is expected to continue the proactive financial policy and stable monetary policy over the next two years. Therefore, the annual growth rate of China's total fixed asset investments is estimated to increase by about 20 percent. With 85 percent of the total investment going to urban areas, the main destinations are railway projects, highways, transportation, energy, urban construction and real estate. Therefore, the engineering machinery industry will maintain steady growth beginning in the second half of 2010.

"The rapid development of emerging strategic industries and the further implementation of national strategies, including the development of the western regions, the revitalization of northeast China, the rise of central China and the construction of Xinjiang, will create a favorable market environment for the engineering machinery industry," Qi said.

Qi expects that the sales revenue of China's engineering machinery industry will achieve a double-digit increase annually to reach around 900 billion yuan by 2015.

Source: People's Daily Online