Business / Economy

Slowing but better economy ahead: Caterpillar

(Xinhua) Updated: 2014-03-24 15:23

He agreed to faster industrial reforms to preserve the environment, and wished the called "tier-four technology" with clean emissions can benefit Chinese cities as soon as possible just like in west Europe, the United States and Japan.

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Meanwhile, the CEO mentioned the importance of intellectual property in the machinery industry, which he regarded as a core competitiveness for its company when facing Chinese local machinery manufacturers.

"High quality and high productive equipment along with independent dealer organization for the daily customer services helped Caterpillar take a large market share," Oberhelman said.

Preserving intellectual property is another necessary reform for China to focus on, and the country cannot be a leading power in the world without internal intellectual property protection, he added.

Caterpillar's global sales and revenue in 2013 were $55.66 billion, down 16 percent year on year. The decline was primarily driven by a drastic drop in sales of new machines for mining, according to its official report.

However, the company's the total sales and revenues in China stood at about $3.5 billion last year, up over 20 percent from 2012.

Caterpillar so far has established 28 manufacturing facilities and 4 dealers covering 27 Chinese provinces and municipalities with about 10,000 employees in China.