Restructure aims to transform heavy equipment maker

One of China's leading players in the heavy equipment industry is restructuring in a bid to become an R&D driven modern service provider.

During the past decade the country's heavy equipment industry has suffered a downturn with an obvious fall in market demand, said Wu Shengfu, president of China First Heavy Industries.

The CFHI, in Qiqihar city of Heilongjiang province, is one of 53 key State-owned enterprises run by the central government.