China aims to bring share of homegrown agricultural machinery products to more than 95 percent in domestic market by 2025, the Xinhua-run Economic Information Daily reported on Thursday.
The authorities have drawn a development roadmap for the agricultural equipment in the next decade, aiming by 2025 to bring the output of agricultural industry to 800 billion yuan and market share of high-end agricultural equipments, such as large tractors and cotton picker machines with power larger than 200 horsepower, to 60 percent in the domestic market.
Meanwhile, effective utilization of chemical fertilizer and pesticide is expected to reach more than 50 percent by then. In the coming five years, domestic agricultural machinery industry is projected to see a compounded growth of 10-15 percent, said analysts of the Sinolink Securities Co., Ltd (600109.SH).
Companies including Xinjiang Machinery Research Institute (300159.SZ), Gifore Agricultural Machinery Chain (300022.SZ), Xingguang Agriculture Machinery Co., Ltd (603789.SH) and Jiangsu Jianghuai Engine Co., Ltd. (000816.SZ) may benefit from rapid development of the industry in the future.
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