Caterpillar, a heavy machinery manufacturer, adds evidence to China's downturn's economic prospects. The company claims that key machinery in China is worse than expected.
According to Bloomberg, Caterpillar CEO Jim UMPLEBY said at a conference call on Tuesday (August 1) that the company expects the most commonly used machines in Chinese construction projectsSales will be further softened.
Affleby made pessimistic remarks on April 27, saying that the total sales share of the Chinese market will be less than 5%to 10%of the normal expected scope.
Affleby said at the conference call: "We are now expected to be further softened, because the decline in the 10 -ton and above excavator market even exceeds our previous expectations."
According to Bloomberg's report, a large amount of economic data in China shows that the economy is longer than expected from the prediction of the blocked blocked by the epidemic.
