Sales of excavators by Chinese manufacturers have hit a record high this year as the central government ramps up efforts to bolster the country’s slowing economic growth by boosting infrastructure spending, reported Caixin.
From January to October, 25 manufacturers in China sold 196,222 of the dirt-moving machines, which are essential for large construction projects, according to data released Friday by the China Construction Machinery Association (CCMA), an industry group. It was an increase of 14.4% year-on-year, although well below 52.5% growth for the same period in 2018. About 89% of the excavators, or 174,680, were sold in the domestic market.
Even if sales post zero growth year-on-year for the rest of the year, total sales are on track to reach over 228,000 vehicles, breaking last year’s record, according to Caixin calculations based on data from the industry group. In 2018, the manufacturers’ total annual sales of excavators hit a record high of over 203,000 units, a CCMA representative told Caixin on Monday.