China's Construction-Equipment Firms Battle slump

China's largest construction-equipment makers still face massive overcapacity and pressure to consolidate despite signs of improvement from this year's industrywide sales slump, a top executive said. Guangxi Liugong Machinery Co. President Zeng Guang'an said industry inventories appear to be coming down as manufacturers cut production and renew efforts to sell more equipment. Still, he warned that a consolidation of the industry is imminent. "We have too much investment. We need more consumption," he said in a recent interview. "In China, we are going to slowly change the structure of our economy." The industry has taken a hit as China's growth