China will be a machinery powerhouse in 5-10 years, says XCMG chairman
China will rank among the world’s high-end machinery manufacturers in five to 10 years, XCMG Chairman Wang Min says, adding that his company aims to become a top global brand in the same timeframe.
Accepting the China Industry Award for comprehensive competitive strength, excellent market reputation, and outstanding corporate culture at a recent event in Beijing, Wang said XCMG, which makes machinery for excavating, earthmoving, concreting, piling, road construction and lifting, had built up its competitive advantage by "adhering to reform and innovation, and resisting temptations throughout the years".
Based in Xuzhou, Jiangsu, XCMG (Xuzhou Construction Machinery Group) was founded in 1989 and has grown to a rank of 5th in the world construction machinery industry following its acquirement of German Schwing GmbH.
Over the last 25 years, it has turned out 600,000 units of construction machinery — from 13-tonne excavators to 4,000-tonne level crawler cranes — valued at more than $55 billion. Its revenues now exceed $17 billion.
The China Industry Award is China’s top industrial honour, awarded every three years by the China Federation of Industrial Economics and 10 national trade associations. This year, Wang accepted the honour in Beijing’s Great Hall of the People.
XCMG products are distributed in Australia by Perth-based Ranger CE (RCE). Here, the range consists of wheel loaders, motor graders, compactors, excavators, telehandlers and attachments.
Keep up to date on the industry by signing up to Trade Earthmover's free weekly newsletter. Be the first to know about new machines for sale.