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Zoomlion Sees ‘Drastically’ Slower China Excavator Demand

Zoomlion Heavy Industry Science & Technology Co. said slower expansion in China’s demand for cranes and excavators will carry on next year because of waning economic growth and cutbacks in railway building.

“Demand for construction machinery has shrunk drastically and growth will no doubt continue to slow next year,” Chairman and Chief Executive Officer Zhan Chunxin said in a Nov. 15 interview in Hong Kong. Meeting a 50 billion yuan ($7.9 billion) sales target for this year will also be “challenging,” he said.