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People's Daily Online>>China Business

Sinomach building new markets for products, services around the world

By Du Juan (China Daily)

10:19, January 12, 2012

BEIJING - China National Machinery Industry Corp (Sinomach) will explore new markets in developed countries in Europe and the US, as well as in its traditional markets in Asia and Africa, a top company executive said on Wednesday.

"We encourage our subsidiaries, including scientific institutions and design, construction and industrial equipment manufacturing companies, to go overseas and explore and develop new services and markets," said Ren Hongbin, chairman of Sinomach, the country's largest machinery maker.

In particular, he said, Sinomach will support its equipment manufacturing units' exports by making better use of the market development fund.

The company will also provide information on foreign countries' policies to help its subsidiaries expand abroad, Ren said.

Four subsidiaries already have construction projects in the renewable energy sector, including solar and wind power projects, in Ukraine and Belarus.

"The equipment manufacturing companies should design and develop technology-intensive and high-end products with higher added value," Ren said. "We need to transform ourselves from a mere product supplier to a service and solution provider."

The company's 2011 revenue grew 17 percent to 191 billion yuan ($30 billion). This year's revenue goal is 200 billion yuan.

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