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China Construction Market to Grow at ‘Fairly Significant’ Rates

One of the world’s largest heavy machinery makers has forecast China’s construction equipment market to grow by 10 percent in 2012 and the yuan to strengthen versus the U.S. dollar.
China, the U.S. company’s largest market, would continue to grow at a “fairly significant” rate for the foreseeable future.
Industry growth for construction equipment was expected to rise by about 10 percent in 2012 from 2011.
China’s construction machinery market sales totalled 435 billion yuan in 2010 and were estimated to rise about 15 percent in 2011.
However, China’s fixed-asset investment is expected to slow in 2012 which could affect construction machinery sales growth.
It is expected that China’s gross domestic product to maintain an 8.5 percent to 9 percent growth rate in 2012 and industry growth was seen in line with GDP growth.
It is forecast GDP to rise 8.9 percent in 2012 against an estimated 9.2 percent gain in 2011.
Opportunities are also seen in China’s mining industry.
The Chinese yuan to continue to strengthen against the dollar and other global currencies, without giving a precise forecast.

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