BUSINESS Caterpillar bullish on long-term development in China


Caterpillar bullish on long-term development in China


01:53, September 15, 2019

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(Photo: AP)

BEIJING, Sept. 14 (Xinhua) -- Upbeat about the long-term prospects of the Chinese market, US heavy machinery giant Caterpillar Inc. is committed to the market, though lingering trade frictions and global economic slowdown weigh on business.

"As a global company, we pursue long-term and sustainable development, which has been one of our core beliefs across our 90-plus years in operation," Chen Qihua, vice president of Caterpillar Inc., said in an interview with Xinhua.

"We view China as an important location, and our pursuit of sustainable development in the market will not change," Chen said, adding that the company always invests closer to the market and customers.

His remarks came amid rising concerns that the trade frictions between China and the United States may dampen the expansion ambitions of companies between the two markets.

Looking forward, "we are confident in our future development here," Chen said.

China has an increasingly prosperous population of nearly 1.4 billion, a stable economy, a mature manufacturing ecosystem, an increasingly open, transparent and fair business environment as well as abundant talent resources, which benefit Caterpillar as well as its partners and customers, Chen said.

Caterpillar has gone through many economic fluctuations and regional trade disputes, and "we hope the US and Chinese leaders can reach a sustainable plan that benefits both sides as well as the global economy," he said.

Caterpillar, which has operated in China for 43 years, now has 11,000 employees at 20 manufacturing facilities, three research and development centers, and has 400 local suppliers in the country.

During a construction machinery exhibition held in Beijing last week, Caterpillar launched its China e-commerce retail platform and a series of new-generation hydraulic excavators, mini hydraulic excavators and motor graders, with some of them tailored for Chinese customers.

"China's transition to innovation-led and green development will create new areas of growth, and Caterpillar will tap into the increasing demand for technology-intensive and energy-efficient excavators, power generators and engine systems." Chen said.

He believes China's tougher vehicle emission standards set to take effect nationwide next year will also offer new opportunities for the company.

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