Caterpillar Is Bullish On The Chinese Market
A senior executive of Caterpillar, an advanced US construction machinery company, recently said that the company is optimistic about the long-term prospects of the Chinese market and plans to introduce more products and services to local customers.
Ramin Younessi, president of Caterpillar's infrastructure group, told China Daily that the company has a "firm commitment" to China and a strong team to serve the market for a long time.
Asked how to view the escalating trade disputes between China and the United States, Yan said: "As a global company, we have always advocated free trade. We hope that the global * can reach a win-win agreement beneficial to the United States, China and the rest of the world.
Yan Ruming expressed this view at a time when people were increasingly worried that the current stalemate in Sino-US trade negotiations might affect the expansion of their respective enterprises in the other side's market.
At the 10th International Infrastructure Investment and Construction Summit Forum held recently, Yan Ruming said Caterpillar is currently launching a series of brand-new products and services in China and the world to meet the needs of local customers.
He said that by introducing a wide range of products, solutions and services, Caterpillar can help Chinese customers achieve sustainable developm
ent goals while better coping with new challenges in environment, safety, efficiency and productivity. Caterpillar redesigned some excavator products to enhance the safety and comfort of operators, improve efficiency and reduce operating costs. The company also provides digital technology solutions and after-sales market services to comprehensively improve the construction efficiency of the project.
Caterpillar reported that its Asia-Pacific construction machinery sector's sales in the 2019 * quarter were down 4% from the same period last year.
Yan Ruming said Caterpillar's market share in China has declined after strong growth in recent years. But he expects the company's construction machinery business in China to perform well this year.
Yan Ruming said: "The market of China's construction machinery industry is expected to rise this year compared with last year. So we think that this year's market will be larger than last year's, and we will actively participate in it.
China's construction machinery industry experienced weakness from 2012 to 2016 due to the decline in market demand. After nearly two years of expansion after the recovery, the growth momentum of the industry began to slow down last year.
Qi Jun, president of China Construction Machinery Association, said at a recent conference that China's construction machinery industry will maintain steady growth in 2019. He said that the Chinese government has reduced the VAT tax rate, which is beneficial to the manufacturing, construction and transportation industries, and then to the development of China's construction machinery industry.
A study by China International Finance Corporation predicts that China's construction machinery industry will remain stable this year with the introduction of measures to stabilize industry growth.
