Beijing - China’s Xuzhou Construction Machinery Group is aiming to raise its global ranking in the construction machinery manufacturing sector from the current sixth to fifth in 2020, and become one of top three by 2025, writes the China Daily quoting the firm’s chairman.
Consistent reform and innovation have made XCMG grow from a company with an annual revenue of around 300 million yuan ($43.2 million) into the nation’s leading machinery giant earning 100 billion yuan a year, said Wang Min, chairman of the group.
During the four-day Bauma China International Trade Fair, which is being held in Shanghai until Friday, XCMG is presenting 79 new machines and 41 sets of core parts and components. Among them, the 700-metric-ton hydraulic excavator marks a breakthrough for Chinese companies in developing a hydraulic excavator at the 700-ton level, making China the fourth nation to master such technology after Germany, Japan and the United States.
All the machines on display, including the world’s biggest rotary drilling rig and the world’s largest all-terrain crane, have obtained independent intellectual property rights which are vested with XCMG.