In 2013, China's GDP increased by 7.7% YOY. According to IMF, the growth rate of global economy was merely 3%. China remains one of the fastest growing countries in terms of GDP and resident income in recent years. The GDP per capita was approximately USD 6,600 in 2013, far behind that of developed countries. Therefore, Chinese economy shows great potential for growth.
In 2013, the investment in fixed assets was CNY 44.7074 trillion in China, up by 19.3% YOY. The rapid growth stimulates demand for construction machinery. Consequently, as the global production and demand transfer, China becomes an important market and the manufacturing center of construction machinery with most of the market seized by the foreign-funded enterprises.
In 2013, the sales revenue of construction machinery industry surpassed CNY 600 billion in China, up by over 10% YOY.
The sales revenue of top 50 enterprises accounted for over 80% of the industry while that of XCMG exceeded CNY 100 billion. The annual sales revenue of over 10 manufacturers of construction machinery, including foreign-funded enterprises, surpassed CNY 10 billion.
In 2014-2018, demand for construction machinery is estimated to increase outstandingly and create many opportunities for manufacturers at home and abroad.
