XCMG will enter the top three of the world's equipment manufacturers

China's leading manufacturer of road construction machinery, Xuzhou Construction Machinery Group (XCMG), intends to become one of the top three world leaders in this sector by 2025, the China Daily reports. In 2020, the company plans to rise from the current sixth place in the global ranking to the fifth place even higher, said Wang Min, Chairman of the Board. As of 2019, according to industry information provider KHL, the three largest companies in the sector by sales volume are Caterpillar, Komatsu and Hitachi Construction Machinery. At the play exhibition Bauma China, XCMG exhibits its advanced products, including the world's largest rotary drilling rig and all-terrain crane. According to Wang Min, XCMG has been spending about 5 percent of its sales revenue on research and development in this field for many years. Thanks to reforms and innovations, XCMG's annual revenue has grown from 300 million yuan /43.2 million dollars. It has increased from 300 million /43.2 million $/ to 100 billion yuan, Wang Min said.