An official from CCMA confirmed that the two provinces did contribute the most to total sales among all the regions, as “construction work in East China is more active than elsewhere,” she explained briefly.
Over January-July, yellow goods sales in China’s 20 key provinces – out of the country’s 34 provinces, autonomous regions, direct-controlled municipalities and special administration regions – reached 144,044 units, or accounting for 76% of the national sales volume that CCMA released, an industrial research platform noted, and among the key provinces, Shandong enjoyed the largest share of sales, 10.5% or 15,165 units over the first seven months, while runner-up was Jiangsu with 13,400 units, accounting for 9.3% of the total, according to the data sourced from CCMA.
Excavator sales to China's domestic customers and for export marked another sharp on-year increase in August, climbing by as large 51.3% on year to 20,939 units, according to the CCMA statistics published on September 9, with the data basing on the surveys among the country’s 25 major machinery manufacturers, as reported.
This probably shouldn’t surprise the market at all, as these two provinces are extremely economically active, Mysteel Global notes. During 2019, the country’s total GDP reached Yuan 99.1 trillion ($14.5 trillion), among which Jiangsu contributed Yuan 9.96 trillion or 10.1% and Shandong accounted for Yuan 7.1 trillion or 7.2%, the data from China’s National Bureau of Statistics showed. The only province contributing more to the nation’s growth was Guangdong, which abuts the economic and financial powerhouse of Hong Kong.
With 2020 being the last year of China’s 13th Five-Year Planning period (2016-2020), the central government has been rushing to meet the GDP goals that was jeopardized by the COVID-19 outbreak in the first quarter, and as part of the efforts to fulfil its economic targets for this year, the country has promised to inject more investments into the infrastructure projects, which will also help to shore up the economy amid the pandemic’s impact, Mysteel Global noted.
Over January-August, the Chinese government issued funds for local development, public works and other projects totalling Yuan 8.96 trillion, up by 38.5% on year, according to data from the China Central Depository & Clearing Co., Ltd, a wholly state-owned financial institution approved and funded by the State Council of China. Within the total, funds equivalent to Yuan 4.96 trillion were issued by local and provincial authorities, also up 25.1% on year.
During the whole 2019, China’s domestic excavator sales increased by only 13.4% on year to 209,077 units, accounting for 88.7% of the total sales, while the remaining 26,616 units or 11.3% were exported, up by 39.4% on year, CCMA data showed.
However during January-August this year, the proportion for domestic market sales increased to 90.3% or 190,222 units, up 29.7% on year, while exports rose by 20.8% on year to 20,252 units, mainly due to the weakening demand from the overseas when many of the countries have been slowing down their economies and industrial activities to fend off the widespread of the COVID-19, as reported.Written by Anna Wu, email@example.com
Edited by Russ McCulloch, firstname.lastname@example.org