2023 marks the 10th anniversary of the the Belt and Road Initiative, and a series of high-level conferences and meetings have been held, including the ASEAN Summit, the BRICS Leaders Summit and the the 

Belt and Road Summit Forum.

According to China's Belt and Road Network, as of January 6, 2023, China has signed more than 200 "the Belt and Road" cooperation documents with 151 countries and 32 international organizations, and the 

core concept of the "the Belt and Road" initiative has been written into important documents of the United Nations, the Group of 20, APEC and other international organizations.

Infrastructure projects occupy the leading position of the "the Belt and Road"

The cooperation in the new decade has broad prospects. It is reported that from January to February 2023, China's non-financial direct investment in 65 countries related to the the Belt and Road will be US $4 billion, 

a year-on-year increase of 28%. The industry distribution is dominated by energy, transportation and other infrastructure projects, accounting for more than 60%, of which engineering machinery is one of the core sectors 

of the the Belt and Road.

Since the "the Belt and Road" initiative was proposed, China has strongly supported developing countries in Asia, Africa and Latin America to strengthen infrastructure construction, such as Piraeus Port, China Pakistan

 Economic Corridor, Katana Water Supply Project, etc., to promote economic development and people's livelihood in relevant regions and achieve win-win cooperation.

From 2013 to 2020, investment was mainly in infrastructure projects, with the energy and transportation industries accounting for the largest proportion, accounting for over 60% in total. The main investment areas 

of the "the Belt and Road" are Asia, Africa and other regions, accounting for more than 80% in total, which is basically consistent with the proportion of construction machinery export regions, and continues to drive 

the growth of construction machinery export demand.

The construction machinery industry is the core beneficiary of the "the Belt and Road" initiative

Construction machinery went to sea with the "the Belt and Road" project, which can be traced back to 2013. Enterprises mainly participated in the "the Belt and Road" project in three ways:

1. Follow large state-owned enterprises to go overseas and provide equipment procurement services;

2. With its core competitiveness, we won the bid for local projects.

3. By leveraging its own competitiveness, enhance its overseas market share.

According to the disclosure of China's One Belt and One Road Network, only in 2023, the number of new projects signed by the first enterprises will exceed 12, and some projects are under construction or 

have been completed, covering roads, buildings, wind power project construction and other fields, which will drive the procurement demand of construction machinery enterprises.

In recent years, the export of construction machinery has grown at a high speed, higher than that of Chinese customers, and has benefited deeply from the development of the "the Belt and Road" region.

According to incomplete statistics, construction machinery enterprises represented by Sany Heavy Industry, XCMG Machinery, Zoomlion Heavy Technology, and Hengli Hydraulic, as well as mid tier customers 

represented by China Railway Construction, China Communications Construction, China Construction, China Railway, and China National Materials International, have export CAGR of 34%/3% for construction

 machinery and mid tier enterprises from 2018 to 2022, with export growth rates of 70% and 12% for construction machinery enterprises and mid tier customers in 2022, respectively, The export growth rate of 

construction machinery enterprises is significantly higher than that of customers.

In recent years, the the Belt and Road countries have introduced economic stimulus policies, and the overseas construction machinery market has flourished. Superimposed on the overseas share of construction machinery, 

the gap between the two export growth rates has further widened.

Engineering Machinery from 2020 to 2022