BEIJING Chargers Rayshawn Jenkins Jersey , Sept. 20 (Xinhua) -- U.S. heavy machinery giant Caterpillar is optimistic about China's economic outlook in the coming years and expects steady market growth in the country, a company executive said Wednesday.
The company unveiled three new-generation hydraulic excavators during a construction machinery exhibition held in Beijing Wednesday.
"We see stable growth for the Chinese economy in the next two to three years. We are optimistic about that," said Chen Qihua, vice president of Caterpillar Inc. and chairman of Caterpillar China. "We also expect steady growth for our industry -- no huge growth, but sustainable growth."
After a nearly five-years downturn, China's excavator industry has been picking up since the second half of last year.
In the first eight months of 2017 Chargers Dan Feeney Jersey , more than 85,000 excavators were sold in the country, up over 111 percent year on year, according to the China Construction Machinery Association.
Chen attributed surging sales to strong demand from infrastructure and real estate projects, improvement in the mining sector supported by rising coal prices, as well as low bases in previous years.
Urbanization Chargers Forrest Lamp Jersey , rural construction, the Belt and Road Initiative and the increase of public-private partnerships drove up infrastructure sector demand, Chen told reporters.
He predicted that the excavator sales for the year would reach 11,000, while expecting the market growth to slow to a sustainable pace in the coming years.
Along with the industrial turnaround, Caterpillar saw its China business grow Chargers Mike Williams Jersey , and expanded investment in the country.
In August, Caterpillar celebrated the sale of 20,000 mini hydraulic excavators in China. This week, the company's Suzhou plant in the eastern Jiangsu Province witnessed its 20,000th machine roll off the production line.
Earlier this year, Caterpillar announced it would increase investment into its plant in Wujiang in Jiangsu to expand its capacity.
Damien Giraud Chargers Uchenna Nwosu Jersey , vice president of Caterpillar's global construction and infrastructure division, highlighted the fact that the new-generation excavators, which are more energy-efficient, productive and smart, were first released in China, instead of the United States or Europe.
Chen hailed Wednesday's debut of the new excavators as a new milestone for the company's development in China.
"We aim to build the world's highest-quality and most valuable industrial chain in China Chargers Derwin James Jersey ," Chen said.
Hurricane Maria smashed into the eastern Caribbean island of Dominica on Tuesday, with its prime minister describing devastating damage as winds and rain from the storm also hit territories still reeling from Irma.
Maria, which has been fluctuating in intensity between a Category Four and Category Five hurricane on its path through the Caribbean, hit Dominica with winds of up to 257 kilometers per hour, the US National Hurricane Center (NHC) said.
"We have lost all what money can buy and replace," Dominica's premier Roosevelt Skerrit posted on Facebook Chargers Jahleel Addae Jersey , saying there were initial reports of "widespread devastation."
"My greatest fear for the morning is that we will wake to news of serious physical injury and possible deaths as a result of likely landslides triggered by persistent rains."
Earlier, he said his roof had been blown off and house flooded, leaving him "at the complete mercy of the hurricane."
After being rescued, Skerrit appealed for "help of all kinds" but noted specifically that authorities would need helicopters to survey the damage.
Dominica's airport and ports have been closed. After moving across the tropical island of 72,000 people, Maria churning north towards the British Virgin Islands and Puerto Rico.
The British archipelago Chargers Keenan Allen Jersey , which is still mopping up after Hurricane Irma earlier this month, has been under curfew since Monday, with residents ordered to stay indoors until after the storm, which is expected to hit Wednesday.
"Our islands are extremely vulnerable right now," the territory's premier Orlando Smith said in a statement, warning that the storm could turn debris left by Irma into dangerous projectiles.
The NHC warned Maria would "remain extremely dangerous" as it passed over the British and US territories.
The French territory of Guadeloupe - the bridgehead for aid for Irma-hit French territories - found itself in the eye of the storm on Tuesday.
Heavy rain lashed the island and several areas were without power.
"Everything around me is shaking Chargers Melvin Ingram Jersey ," a former French minister told BFMTV channel from his home in the south of the 400,000-strong island, which was on maximum-level "violet" alert.
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