China’s housing boom has propelled it to the top of global construction, overtaking the US for the first time, as the country ploughed more than $1,000bn into new building projects last year.
Spending on building work in China soared during 2010 as government stimulus-fuelled demand drove up the cost of materials and labour. Meanwhile, construction prices in the US have declined steadily during the recession and the country invested $983bn last year, down from $1,500bn in 2005.
The rise to the top of global construction, which coincides with China’s displacement of Japan as the world’s second-largest economy, underlines a decade- long power shift in the industry from the mature markets of the US, Japan and western Europe to China, India and a clutch of smaller emerging economies.
The gap, though, is set to widen, with a new report published today forecasting China will account for a fifth of the world’s building industry by 2020, compared with 14 per cent today.
“这是建筑业历史上真正的转折点，”全球建筑观察(Global Construction Perspectives)总监格雷厄姆?罗宾逊(Graham Robinson)表示。该机构与普华永道(PwC)以及牛津经济 (Oxford Economics)联合发表了上述报告。
“This is the real tipping point in the history of the construction industry,” said Graham Robinson, director at Global Construction Perspectives, which produced the report with PwC and Oxford Economics.
“The old powers have been swept aside and it will be many decades before China comes close to ceding its position as the biggest spender on construction, whether on residential, commercial or infrastructure projects,” Mr Robinson added.
However, the growth in house building, which accounted for 57 per cent of total construction spend in China last year, is expected to slow during the decade as the government tries to prevent a property bubble.
Instead, the growth is likely to be fuelled by increased government spending on new railways, roads and power infrastructure projects.
While China will account for the lion’s share of an expected $97,700bn in global construction spending during the next decade, India will also invest heavily and is forecast to overtake Japan to become the world’s third largest.
The growth in construction activity in both countries has provided a boon to domestic building groups, while international cement and aggregate companies have invested heavily in increasing their exposure.
Holcim of Switzerland and France’s Lafarge, the world’s largest and second-largest cement producers by output respectively, both generate more than half of their sales from China, India and smaller developing economies.
Meanwhile, China’s three largest construction equipment makers are set to post record full-year sales and profit jumps for 2010 and are also quickly becoming global players on the back of the country’s continued construction boom.
徐工(Xugong)、中联重科(Zoomlion)和三一重工(Sany Heavy)在未来数周发布全年业绩时，预计将报告去年利润增长60%至 100%。中国的起重机、水泥搅拌机和推土机大多是这三家公司生产的。
Xugong, Zoomlion and Sany Heavy, which between them make most of the country’s cranes, cement mixers and earth movers, expect to report profit rises for last year of between 60 and 100 per cent when they publish their full-year earnings in the coming weeks.
In 2009, China accounted for nearly 43 per cent of global construction machinery sales, up from 18 per cent in 2002, industry figures show.
2011-03-03 15:30 编辑：kuaileyingyu
The US Congress moved closer to punishing China for allegedly manipulating its currency, as a key committee of the House of Representatives voted to advance legislation that could