Former CMCA Fastener Subdivision President Feng: There is Still a Long Way to Go for Transformation of Chinese Fastener Industry

The former president of the Fastener Subdivision of China General Machine Components Industry Association (CMCA) Mr. Jingyao Feng pointed out that in 2016 China imported around US$ 3.2 billion worth of fasteners (around 0.31 million tons) and most of these imported fasteners were high-end fasteners with the avg. price of US$ 10.3 per KG. As for export, China exported around 3.98 million tons of fasteners to the world (around US$ 6.3 billion) and the avg. price was US$ 1.582 per KG.

 
However, former president Feng also noted that although the entire fastener industry of China is seeking more business transformation and technological innovation, it still faces lots of challenges in issues like quality of materials, manufacturing technology and recruitment of talent. As a result, he suggests that Chinese fastener industry should try to make its business scope bigger and more specific to enlarge the market share and should go toward the development of smaller and more precision parts in order to facilitate the healthy growth of the entire fastener industry. At this moment, there is still a long way for Chinese fastener industry to go achieve its business transformation and upgrade.