Caterpillar expects to fly in mainland

BEIJING－US heavy machinery giant Caterpillar is optimistic about China's economic outlook in the coming years and expects steady market growth in the country, a company executive said.

The company unveiled three new-generation hydraulic excavators during a construction machinery exhibition held in Beijing last month.

"We see stable growth for the Chinese economy in the next two to three years. We are optimistic about that," said Chen Qihua, vice-president of Caterpillar Inc and chairman of Caterpillar China.

"We also expect steady growth for our industry－no huge growth, but sustainable growth."

In the first eight months of 2017, more than 85,000 excavators were sold in the country, up over 111 percent year-on-year, according to the China Construction Machinery Association.

Chen attributed surging sales to strong demand from infrastructure and real estate projects, improvement in the mining sector supported by rising coal prices, as well as the low base of previous years.

Urbanization, rural construction, the Belt and Road Initiative, and increasing number of public-private partnerships drove up infrastructure sector demand, Chen said. He predicted that the excavator sales for the year would reach 100,000, while expecting the market growth to slow to a sustainable pace in the coming years.

Damien Giraud, vice-president of Caterpillar's global construction and infrastructure division, highlighted the fact that the new-generation excavators, which are more energy-efficient, productive and smart, were first released in China, instead of the United States or Europe.

Chen hailed last month's debut of the new excavators as a new milestone for the company's development in China.

"We aim to build the world's most valuable and top-quality industrial chain in China," Chen said.