SINOMACH-HI chairman: China is an open market

By Zhang Rui
0 Comment(s)Print E-mail, December 1, 2018
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Wu Peiguo, chairman of China SINOMACH Heavy Industry Corporation, speaks to reporter during the bauma CHINA 2018 in Shanghai, Nov. 27, 2018. [Photo/]

Wu Peiguo, chairman of China SINOMACH Heavy Industry Corporation, has stressed that China is an open market for global construction machinery manufacturers, forcing local manufacturers to speed up process of reform and innovation all through years. 

Speaking in an interview with in Shanghai on Tuesday, he said: "The China International Import Expo held early this month in Shanghai clearly shows who is upholding multilateralism and globalization and who is walking toward unilateralism."

China, Wu said, had "demonstrated at the event that it is fully open to the world."

For his own professional area, the leading business executive said that, since China's reform and opening up 40 years ago, the domestic construction machinery market had been accessible to the outside world. "This is a fully and sufficiently competitive market, as foreign brands all develop businesses in China," he said.

From his perspective, many Chinese companies are trapped in a traditional and outdated mechanism and system. "The industry has developed very fast and Chinese enterprises lost a considerable shares of the market. The traditional companies have too many burdens to be able to progress easily."

Wu added: "This put great pressure on local construction machinery companies and has forced us to accelerate and expand reform and innovation. We have to break the old rules and mechanism that cannot cope with current standards and market competition."

Executives and guests attend a grand opening ceremony of bauma CHINA 2018 in Shanghai, Nov. 27, 2018. [Photo/]

As for how a Chinese enterprise can reach out towards a global perspective created by the Belt and Road Initiative, he suggested his fellow Chinese enterprises should learn about local religions, customs, politics and laws. 

"We have done so in many countries, especially in Iran, where we are either their number one or number two construction machinery exporter. There will be many problems and issues along the road, but we need to figure them out and find solution," he stressed.

Wu believed Chinese companies have undertaken mature research and judgement on local conditions and have gained a better reputation and credit as they seek greater development overseas.

China SINOMACH Heavy Industry Corporation (SINOMACH-HI), was launched in January 2011 as a wholly-owned subsidiary of China National Machinery Industry Corporation (SINOMACH Group), which is listed among the World's Top 500 Enterprises. 

The exhibition area of China SINOMACH Heavy Industry Corporation seen in a photo taken during the bauma CHINA 2018 in Shanghai, Nov. 27, 2018. [Photo/]

Wu was in Shanghai to attend bauma CHINA 2018, Asia's largest and most important biennial event for the construction industry from Nov. 27 - 30. SINOMACH-HI brought 12 new heavy machinery products to the event, including loading machines, bulldozers, crawler cranes, vibratory road rollers and excavators. 

Wu also attended an event to mark the 10th anniversary of China's National Technical Committee of Standardization of Earth-moving Machinery on Monday and pointed out in his address that China has been a leading implementer and innovator in regard to the international ISO standards, including 2017 leadership in defining two ISO standards for earth-moving machinery internationally, ISO 10987-2 and ISO 10987-3, which promote the development of China's engineering machinery and advancement of technologies. 

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