An Interview with Economic Person of the Year Wang Min: Develop Century-old Enterprise by Adhering to Reforms

To enhance philosophy of industry-pillared city development, foster the pro-business environment, and carry on entrepreneurship, the CPC Xuzhou Committee and Xuzhou Municipal Government, based on recommendations made by departments and governments of its district, counties and sub-cities, have made very prudent evaluation before deciding to grant the title of Xuzhou Economic Person of the Year to four candidates and the title of Top 10 Excellent Entrepreneurs to ten candidates.
Mr. Wang Min, Chairman and Party Secretary of XCMG received the honorary title of Xuzhou Economic Person of the Year, was interviewed by us and shared with us some information about XCMG and about how he has adapted to New Normal Economic Development and overcome difficulties to secure pioneering and innovative development.

XCMG Experience Hall was opened to the public on November 20, 2014, in which you can have access to the 74-year history of XCMG and evolution of industrial development in Xuzhou as a city. In XCMG Hall of People, the visitors will find an entrepreneur who joined XCMG at the age of 18 and who has served XCMG for the past 45 years. And his name is Wang Min, Chairman of XCMG.

Wang Min, XCMG Chairman and Party Secretary

Those Taking Major Responsibilities and Adhering to the Right Path Achieve Greatest Results
When talking about his past years in XCMG, Chairman Wang Min found XCMG core values first coming into his mind, “After taking this position in 1999, we lived through all difficulties in those years by relying on reforms. After a few years of hard work, XCMG was worth tens of billions of Yuan. More importantly, we have established our core values, namely, ‘those taking major responsibilities and adhering to the right path achieve greatest results.’ ”

Staying Dedicated and Concentrated While Holding Gratitude in Heart
Since 2003, industry of engineering machinery in China started to embrace 10-year golden era. Thanks to the bravery against all difficulties, dedication, concentration and unswerving innovations upheld by Wang Min, XCMG has grasped opportunity in the market and got into Top 5 list in the world after experiencing streamline reform of XCMG Science & Technology, IPO of XCMG Machinery and reform of Hanfeng Initiative, which helped XCMG out of the dilemma caused by the postponed restructuring. Wang Min, when talking about this achievement of XCMG, expressed his gratitude to all XCMG employees, “Our Group is now worth more than 100 billion Yuan thanks to the concerted and painstaking efforts of all our 20,000+ employees, who manufacture and sell our products one by one. I always have gratitude to them.”

Make Breakthroughs and Stay in Leading Position in Spite of the Adversities
After XCMG exceeded 100 billion worth, it was confronted with the sharp fall that lasted for a few years in the entire industry. While staying to its core business, XCMG also has accelerated synergetic innovations and adjustment of growth pattern. The super-large mine excavators exceed its overseas competitors and rank No. 1 in China; XCMG wheeled cranes take the leading market share; it makes cross-border M&A to expand global presence, with overseas revenues rising by 34% YOY; double growth is recorded in heavy truck, environment and other new sectors; and 15 billion fund is invested in new business forms and new layout in the world. In 2016, XCMG secured the upward turn out of the 4-year slow business in the industry, with major indicators realizing positive growth and placing XCMG in the leading place in China’s construction machinery industry. Talking about this classic battle of breaking away from the adverse situation, Wang Min believes XCMG mainly relies on technical innovations, “The world market is huge and XCMG is part of it. In the international competition, the key point lies in leading technologies and never-fading standard.”

Seeking Best out of Better, XCMG Has Higher Target

Wang Min, who has cultivated the most robust personality over the past 45 years’ working in XCMG, has the warmest passion for the work and his employees, who call him Secretary Wang. Wang Min focuses on Internet+ and employs intelligence development and Industry Cloud to improve XCMG’s advanced manufacturing to middle and upper-end by 2025. He said, “XCMG is an enterprise with root, soul and cultural blood. We will work hard to get into the Top 3 list of construction machinery industry in the world, support rejuvenation of old industry base in Xuzhou and develop a world-class supreme brand for our nation.”