After years of frantic high growth, the Chinese automobile industry has returned to calm due to the impact of the US financial crisis. Foreign exports suffered winters, domestic auto consumption was weak, and suppliers of accessory parts were also affected. Held in Cixi City, Zhejiang Province on December 15th, organized by the Economic Development Bureau, Personnel Bureau, and the Auto Parts Association, co-organized by the famous global consulting company PAC Group, a three-day high-level seminar for auto parts industry. Experts in the automotive and parts industry have actively discussed with the local suppliers on the impact of the recent financial crisis and how suppliers of parts and components should face up to help the suppliers understand the market trend in 2008 and master the development trend in 2009. We must overcome difficulties and inspire corporate development strategies.
The impact of the global financial crisis on China’s macro economy is mainly reflected in the financial industry and export processing industry. According to the characteristics of the financial industry and manufacturing itself, the government has introduced measures to expand domestic demand and increase investment. After starting the investment of 100 billion yuan, the National Development and Reform Commission stepped up the formulation of the revitalization plan for the nine key industries, including automobiles, to stimulate economic growth. The move is of far-reaching significance. Zhang Boshun, secretary general of the China Association of Automobile Manufacturers' Market and Trade Committee, gave an example to illustrate that the growth rate of China's auto industry in 2003 was 36%, which was more than three times that of the GDP growth rate of the year, and it has greatly stimulated the national economy. This year, the growth rate of the whole vehicle has fallen to the lowest level since entering the 21st century, which is lower than the GDP growth rate for the first time.
The decline in the growth rate of sales in the automotive market has actually appeared as early as the second quarter of 2006. Secretary-General Zhang Boshun pointed out that the financial crisis is not the only cause of the problems in China's auto industry. This fall is a reflection of the periodic fluctuations in the operation of the market. After the cyclical fall in the first quarter of this year, it was affected by acyclic factors such as the appreciation of the renminbi, the depreciation of the US dollar, the weakening of the stock market, the weakening of real estate, and the earthquake in Wenchuan, and the negative growth from the second quarter. The increase in consumer price (CPI) and the shrinking of residents’ income have significantly eroded the actual demand for consumers to buy cars. In the first half of 2006, the growth rate of the auto market once reached the peak, which was 36.85% in the first quarter and fell to 26.71% in the second quarter. After that, it declined from the quarter by month to about 10% this year. On average, it fell by 2.26% per quarter and fell by 0.75% per month.
For Zhejiang Province, the first gathering place of Chinese auto parts companies, many parts suppliers’ products are exported to overseas markets through the support of the United States and the United States, facing the economic trend of “riding a roller coaster†this year, especially this time. In the global financial crisis, the impact is undoubtedly enormous. According to a survey conducted by China Auto Parts Network, the largest professional auto parts site in the country, 80% of export-oriented parts and components companies in Jiangsu and Zhejiang provinces were affected by the financial crisis and their orders were significantly reduced. Most responsible companies stated that in 2009, companies will adjust the structure of foreign trade and strengthen the expansion of domestic trade channels.
International auto manufacturers and first-tier suppliers have adjusted their purchasing strategies one after another. How to achieve sustainable and cost-saving goals is imperative. GeneSluziewize, global purchasing director of the PAC Group, said that there is a trend among international export OEMs and Tier 1 suppliers, and some orders have begun to shift to small and medium-sized private parts and components companies. These companies usually have the dual characteristics of low prices and high-quality risks. How to improve their own technology and quality levels and cost control is a major task for competition with other low-cost countries or regions around the world.
Yan Jianlai, the Minister of Parts and Components of the Society of Automotive Engineers of China, suggested that it is imperative that we clarify our thinking and strengthen our confidence. We must focus on the development of industrial technology and adjust our corporate development strategies. After the successful conclusion of the Olympic Games in August, the Beijing Municipal Government continued to implement the environmental standards of the Chinese IV fuel standard that is equivalent to the Euro IV standard. For most auto companies, it is both pressure and opportunity. Although the utilization rate of gasoline-type vehicles has greatly improved, the space for development in the future will be more limited.
Despite the serious situation in the Chinese auto market in the short term, medium and long-term forecasts are very optimistic. In many ways, the financial crisis has had little impact on Chinese auto consumers. Ms. Tang Wei, a market research expert of the National Passenger Vehicles Association, pointed out that as a relatively long-chain business, the industry’s driving effect and consumer-driven significance have been widely recognized by industry experts and the government will also introduce corresponding policies to stimulate consumption. Ms. Tang said that passenger cars are a commodity that directly faces the users. The prosperity of the market is not only subject to the macro economy, but also subject to various factors such as the national automobile policy, such as oil price fluctuation, fuel tax, and purchase tax. However, at present, only about 10% of China’s auto consumers are credit consumers. In the same period, the world’s average auto credit accounted for 70% of the total car purchases, the United States’ 80%, and Japan’s 40%. This shows that in the automobile consumption field, China is affected by the financial crisis. The possibility of impact is very small.
Recently, at the International Automobile Exhibition held in Guangzhou, 24 new cars from 20 manufacturers, including Mercedes-Benz, Volkswagen, Toyota, Shanghai GM and Changan Ford, were announced. The strong confidence in the Chinese market is evident. Yu.
Under the financial crisis, market competition will become more fierce. How will the parts and components companies see the direction of development and develop their own development strategies? Minister Yan Jianlai said that the future development of the automotive industry will focus on the theme of “hybrid†and “electricityâ€. Development is at the core, especially in the microelectronics industry. Secretary General Zhang Boshun also suggested studying the financial industry, introducing talents from overseas, managing and marketing talents, and shortening the gap with the developed countries' auto industry as soon as possible.
The crisis can bring both risks and challenges, but it is also the best time to test its own strength. Many companies have pioneered business ideas and innovative management, and their ability to resist risks has been witnessed in the financial turmoil. As a large number of parts and components private enterprises, it is necessary to plan ahead, pay attention to the trend of technology as soon as possible, attract talents, strengthen the training of soft power, enhance the competitiveness of enterprises, and prepare for structural adjustment and technological upgrading.
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