Tagged: china economy infrastructure
August 3, 2020 at 2:42 pm #123417
<p style=”color: #222222; font-family: Arial, Verdana, sans-serif; font-size: 12px;”>china economy infrastructure At a cavernous factory in the Chinese city of Xuzhou, 100 new workers have just been hired to produce giant construction cranes. Nearby, at another sprawling factory, employees toil until midnight to assemble drilling and tunneling machines. A few blocks away, their colleagues at a factory that makes dump trucks have received enough orders to keep them busy well into next year.To get more <b>China economy news</b>, you can visit shine news official website.</p>
<p style=”color: #222222; font-family: Arial, Verdana, sans-serif; font-size: 12px;”>These factories, and half a dozen more in the city, are all owned by Xuzhou Construction Machinery Group, a state-owned industrial behemoth which manufactures the outsized machines behind China’s latest construction boom. The company, China’s largest producer of construction equipment, is at the center of Beijing’s strategy to revive the country’s economy in the wake of the coronavirus pandemic by doubling down on a tested strategy: investing in infrastructure projects at home.</p>
<p style=”color: #222222; font-family: Arial, Verdana, sans-serif; font-size: 12px;”>China appears to have mostly eradicated the coronavirus within its borders. But outbreaks overseas have caused economic downturns elsewhere that have hurt foreign demand for Chinese exports, including the trucks and machines made in Xuzhou.Foreign markets helped fuel the country’s rapid growth for four decades. But now China is back to doing business with a local customer — itself. Once again, Beijing is investing heavily in the country’s own infrastructure, employing millions of people not just to build new roads, railway lines and sewage systems but also to make the equipment necessary for those projects. “This year is a very bad year for overseas contracts, and I cannot travel,” said Vincent Cao, the drilling and tunneling equipment manager at the company, better known by its initials XCMG. Despite those limitations, business is booming, he said, adding: “It is a good year for China.</p>
<p style=”color: #222222; font-family: Arial, Verdana, sans-serif; font-size: 12px;”>” On its face, China’s strategy appears to be working. Big investments helped make China the first major economy to see its economy rebound after an outbreak, with output rising 3.2 percent from April through June compared to the same period last year. China’s economy is reviving even as Europe’s downturn now appears significantly deeper than originally expected, and the American economy struggles.</p>
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