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China to expand high-end equipment sector (2)

By Wei Tian  (China Daily)

13:29, May 08, 2012

The industry mainly includes aviation equipment, satellite and applications, railway transportation equipment, marine engineering equipment, and smart manufacturing equipment.

Aircraft manufacturing will be one of the key growth areas, as the plan vowed to introduce a new regional-aircraft research project, while seeking annual sales of 100 planes in the next three years by accelerating the innovation and promotion of existing models such as the ARJ-21 and MA 60.

Meanwhile, China will continue to invest in high-speed railway innovation and the exploration of global markets to establish its railway transport industry as the world leader.

China's equipment manufacturing industry has been growing at more than 25 percent annually over the past decade. A report by China International Capital Corp said this growth rate will be sustained despite an economic slowdown.

"The key drivers of the development, which are industrialization and urbanization, have not changed," the report said.

CICC's estimate was proved by KHL Group's latest ranking of world's largest construction equipment manufacturers, in which China's Sany Group and Zoomlion Co Ltd are the sixth- and seventh-largest by revenue.

However, it will not be easy for Chinese equipment manufacturers to cash in on the huge demand in the domestic market, Cai Weici, vice-president of the China Machinery Industry Federation, said earlier.

"Foreign high-end equipment providers usually charge high prices for their products, which we cannot make, and cut the price immediately after our products make progress to stifle Chinese brands in the cradle," Cai said.

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