China's construction machinery market booming
Judging by the Bauma China 2010 Expo, a leading construction machinery industry fair in Shanghai, China is being regarded as one of the most competitive markets in the world. The biennial event presents products from many globally-renowned heavy equipment producers. The number of exhibitors and visitors is at a record high this year. Many visitors believe China's demand for construction machinery will remain strong amid government pledges to improve railways, roads and other infrastructure.
But even though the industry is booming, China is still relying on exports of some crucial components. Therefore, improving China's production capability has become an important issue for the 12th five-year plan. Changsha, a city whose total output value of construction machinery is already greater than 100 billion yuan, says it will help lead the way.
Zhao Yuesi, Director of Comm. of Industry &IT, Changsha said "We hope to accomplish a new industrial base during the 12th five year plan. Hopefully, under the help of high-technology and systematical management, its output value in Changsha could exceed 300 billion yuan at the end of 12th five year plan."
Due to surging domestic demand, China's machinery industry will achieve high-speed growth this year. It's expected to export about 20 billion US dollars worth of engineering machinery by 2015.