German machinery manufacturing accelerates expansion and regards China as its main rival

According to reports, a survey recently released by the German Machinery and Equipment Manufacturers Confederation (VDMA) shows that most companies in the industry expect to significantly increase their overseas sales by 2015, and in particular will accelerate the development of the Chinese market.

VDMA Chairman Lindner said that the main competitors of the German machinery manufacturing industry will come from China, India and Brazil. Therefore, German companies must accelerate the expansion of local market share. The report also predicts that the growth rate of machinery production in Germany will be 6% in 2010 and 8% in 2011.