Sinomach, the state-owned Chinese company instrumental in Beijing’s technological buildup and home to the world’s largest press forge, hasn’t posted profit since 2010, despite plans it announced last year to become “China’s GE, Mitsubishi and Alstrom,” The Wall Street Journal reported. The company’s plant in Deyang, meant to help curb China’s dependence on foreign firms in aerospace, technology and other strategically important areas, produces massive components often so heavy they can’t be shipped to customers when water levels are too low for river barges. Meanwhile, a new, better-located plant in the eastern province of Jiangsu has seen little business.
Categories