China Fastener Industry Grows 25% Annually
China Fastener Industry Grows 25% Annually
Jason Sandefur
China’s fastener industry grew an average of more than 25% annually from 2001 to 2007.
China’s fastener enterprises expanded rapidly, with more than 70 enterprises reporting revenue in excess of 100 million Yuan, tootoo.com reports.
This led to the concentration of production in coastal hubs. The National Bureau of Statistics found that in 2006 the number of fastener enterprises which could reach the industry scale was 1,449, distributed primarily in China’s eastern coastal areas.
China’s fastener industry faces challenges in 2008. Rising energy, raw material and labor costs have pushed many fastener firms to relocate to the interior mainland.
Government statistics show there are 122 fastener enterprises in Wenzhou that have invested 55 million Yuan in Jiangxi Province to build a fastener industrial park with annual production capacity of 200,000 tons. Another 56 Wenzhou enterprises invested about 450 million Yuan to build factories in Jiangxi’s Boyang city. These developments signal a new industry cluster in Jiangxi, according to tootoo.com.
Likewise, Ningbo companies are developing capacity in Xingtai, Hebei province. Xingtai Fastener Manufacturing Co. Ltd. is one of seven factories that have been established with the 1 billion Yuan invested by Ningbo’s fastener enterprises. �2008 FastenerNews.com
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