Machinery makers shift focus to overseas markets

Major machinery manufacturer Guangxi Liugong Group plans to further boost its overseas business to offset the domestic industry downturn, targeting a 50 percent share from the current 43 percent within three to five years.

Senior Vice-President Luo Guobing said: "Excavators are a major product for us and we are expanding our footprint in multiple regions with various product lines. Currently, we have more than 30 overseas subsidiaries selling products to over 170 countries and regions."

According to Liugong's half-year financial report, the company's net profit in the first six months stood at 614 million yuan ($84.1 million), a 28 percent year-on-year increase. Its revenue grew 9.22 percent to over 15 billion yuan, among which 6.49 billion yuan was from overseas business, up 57.64 percent year-on-year.