China's Machine Tool Market Draws Worldwide Manufacturers

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Last updated at: (Beijing Time) Thursday, November 07, 2002

China's Machine Tool Market Draws Worldwide Manufacturers

China's growing demand for machine tools has impressed worldwide manufacturers, in Shanghai to attend an international fair on metal processing industries.

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China's growing demand for machine tools has impressed worldwide manufacturers, in Shanghai to attend an international fair on metal processing industries.

Known as Metal Working China 2002, the event is a gathering of world-renowned machine tool manufacturers and their state-of-the-art technologies and products.

Among the exhibitors are leading machine tool manufacturers such as U.S.-based Kennametal, Trumpf and Ferrostahl AG from Germany, Gasparini from Italy and Hankwang based in the Republic of Korea.

Meanwhile, the Association of German Machine Tool Manufacturers (AGMTM) and the Federal Ministry for Industry and Technology have co-sponsored 35 German enterprises to attend the fair.

Against the backdrop of an economic downturn in the United States and many other countries, China's growing demand offered rosy prospects to German machine tool manufacturers, said Gerhard Hein, a marketing executive from AGMTM.

Figures provided by Hein's organization show that China ordered183 million US dollars worth of machine tools from German manufacturers during the first half of this year, an 81 percent rise year-on-year.

The two countries had maintained close technological cooperation in machine tools and related metal industries and agreed to step up economic cooperation and trade ties in diverse areas, said Hein.

He was confident that China's sustained economic growth and its membership of the World Trade Organization offered a good opportunity for the further development of Germany's machine tool industry.

China is currently the world's third largest consumer and second largest importer of machine tools.

Statistics released by the China Machine Tools and Tool Builders' Association show the country imported 2.4 billion US dollars worth of machine tools in 2001.

In the first five months of this year, China's machine tool imports climbed 20 percent year-on-year to 1.072 billion US dollars.

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