Rising With the Tide: XCMG Celebrated As Example Of China#s Success Since the Country#s Reform and Opening

General Press Releases Monday December 24, 2018 08:42
XUZHOU, China--24 Dec--PRNewswire/InfoQuest

XCMG's journey from a company with 90% debt and liabilities 20 years ago to the top-ranking construction machinery manufacturer that it is today has been featured in CCTV's 18-episode documentary "We Walk Through Together: A Tribute to 40 Years of Reform and Opening-up."

The documentary is part of CCTV''s coverage of the 40th anniversary of the opening of China's economy and of the adoption of its first market reforms.

"We are honored to be held up as an example of China's great success story of the last 40 years," said Wang Min, Chairman and CEO of XCMG. "XCMG now ranks 6th among the world's top 50 construction equipment manufacturers, the highest ranking of any Chinese manufacturer. Our goal is to enter the top five by 2020 and the top three by 2025. I think it's possible through hard work."

XCMG has been a key driver in the development of China's construction machinery sector. From January to October, XCMG has reported 48.4% year-on-year growth in the sales of machinery products, 47.7% growth in sales revenue and a 76.2% increase in profit.

At bauma China 2018, XCMG unveiled its latest 700-ton hydraulic excavator, a gigantic machine that's the size of an adult blue whale and weighs the equivalent of 500 sedans. It has made China the fourth country in the world to have the capability of producing 700-ton excavators after Germany, Japan and the U.S.

Since 2007, XCMG has invested 5% of sales revenue in research and development, and the results have been significant. 10 years ago, China imported almost all of the 500-tonnage cranes it needed from Germany; today, XCMG holds the record for the world's largest 2,000-ton wheel crane and 4,000-ton crawler crane.

A key driver of the Industry 4.0 revolution, XCMG's industrial internet platform now links 600,000 pieces of equipment around the world, ensuring that data such as operation rate, fuel consumption, failure rate and motion can be accessed at any time.

About XCMG

XCMG is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks sixth in the world's construction machinery industry. The company exports to more than 182 countries and regions around the world.

For more information, please visit: www.xcmg.com, or XCMG's pages on Facebook, Twitter, YouTube, LinkedIn and Instagram.

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