China's Stimulus Package Boosts EconomyBy
Things are looking up for Xugong Group, China's largest heavy machinery maker. Driven by Beijing's five-month-old $586 billion fiscal stimulus, sales of its bulldozers, wheel loaders, and construction cranes reached an all-time high in March, a spokesman says. Although he won't reveal the exact amount of sales for the month, the Xugong spokesman says the company now expects to reach its 2010 revenue target of $7.4 billion a year early. Xugong, which has a small Shenzhen-listed subsidiary, earned pretax profits of $443 million on sales of $6 billion last year.
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