China’s mechanical engineering industry continues to catch up, products from the Far East are getting better and are almost always cheaper. China is not only striving for technological supremacy locally, but also internationally.
Chinese companies are increasingly becoming competitors on international markets. Driven by increasing competitiveness and political support as well as sales slumps and overcapacities in China, Chinese mechanical engineering companies are intensifying their global presence.
At the workshop “Competitor China – how can mechanical engineering remain successful?” on October 1, managing directors and sales managers discussed the following questions together with VDMA Foreign Trade and Sinolytics GmbH: What goals and strategies are Chinese mechanical engineering companies pursuing in third markets? What makes Chinese competition in third markets so challenging? How can companies adapt to Chinese competition outside China? They also worked together to develop possible strategies to counter the increasing competition from Chinese companies in third markets.
In the export markets of North Rhine-Westphalian companies, it is becoming increasingly important to include the “new wave of expansion” of Chinese manufacturers in their strategic planning. The diversification of sales markets is becoming increasingly important. Competition is also becoming increasingly fierce on the Chinese market. Almost half of the machinery and plant manufacturers in China are currently rethinking their China strategy.
Further information
VDMA study: China Going Global: Goals, measures, counter-strategies
Organizer
The event was offered by ProduktionNRW. ProduktionNRW is the cluster for mechanical engineering and production technology in North Rhine-Westphalia and is organized by VDMA NRW. ProduktionNRW sees itself as a platform for networking, informing and marketing companies, institutions and networks with each other and along the value chain. Significant parts of the services provided by ProduktionNRW are funded by the Ministry of Economic Affairs, Industry, Climate Protection and Energy of the State of North Rhine-Westphalia.