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China's income-doubling goal conducive to Caterpillar's expansion


08:33, November 28, 2012

SHANGHAI, Nov. 27 (Xinhua) -- A senior executive of Caterpillar, a United States-based construction equipment maker, said on Tuesday that the income-doubling goal set in a recent Communist Party of China (CPC) report will be beneficial to the company's expansion in China.

Growth in China's gross domestic product (GDP) per capita will lead to a consumer society, which will in turn benefit Caterpillar's business in the country, said Edward J. Rapp, Caterpillar group president and chief financial officer, at a mechanical engineering expo in Shanghai.

The CPC announced the aim of doubling the country's GDP and per capita residents' income by 2020 from 2010 levels at the 18th CPC National Congress held in Beijing earlier this month.

"I don't anticipate high labor costs resulting from the goal having any significant impact on our expansion plan in China, because our manufacturing strategy has always been to be a local manufacturer -- primarily what we build in China we sell in China," said Rapp.

Rapp, who will take the role of Caterpillar's group president with responsibility for construction industries beginning next year, said he holds long-term optimistic views toward the Chinese market.

"The part that gives me confidence is the approach China has taken over time to clearly articulate what growth they want to drive... providing that clarity helps us understand where the country wants to go and help us determine where we need to invest," he said.

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