China's machinery giant eyes world's top three position by 2025

Source: Xinhua| 2018-11-29 14:30:54|Editor: Lu Hui
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BEIJING, Nov. 29 (Xinhua) -- Xuzhou Construction Machinery Group (XCMG), China's largest construction machinery manufacturer, aims to become one of the world's top three makers in sales by 2025, the China Daily reported Thursday.

The company aims to raise its global ranking in the sector from the current sixth to fifth by 2020, and is confident to meet its goal of higher global ranking, said Wang Min, chairman of the group.

The top three makers in 2018 are Caterpillar, Komatsu and Hitachi Construction Machinery, according to industry information provider KHL.

During the four-day Bauma China International Trade Fair, which is being held in Shanghai until Friday, XCMG is presenting world leading machines including the world's biggest rotary drilling rig and the world's largest all-terrain crane.

Wang said the group has been allocating about 5 percent of its sales revenue to research and development for many years, and it has more than 6,000 R&D staff.

Consistent reform and innovation have made XCMG grow from a company with an annual revenue of around 300 million yuan (43.2 million U.S. dollars) into the nation's leading machinery giant earning 100 billion yuan a year, Wang said.

In the first 10 months of the year, XCMG posted 91.9 billion yuan in sales revenue, and its profit surged 76.2 percent year on year.