The company now has 24 manufacturing facilities, four research and development centers, three logistics and parts centers as well as 15,000 employees in China.

"What we are doing is fitting into China's restructuring of economic growth," said Chen Qihua, vice-president of Caterpillar Inc and chairman of Caterpillar (China) Investment Co Ltd.

"We are drafting strategies and moves in distributed energy, green energy, energy saving and consumption-reducing potential opportunities from sustainable development," he said.

Despite promising prospects, Jiang Lan, senior vice-president of sales and marketing at Doosan Infracore (China) Co Ltd, said the Chinese market will never regain its former explosive growth owing to overcapacity, high inventory in machines and key parts as well as moderate economic growth.

"The Chinese market will see more mergers and acquisitions in the coming years. Rational growth of the market is surely a good thing and will drive market players to provide the best products and services with the perspective of the whole value chain," she said.

Doosan launched seven new products, including the DX80 mini-excavator, tailored for the Chinese market on March 28 in Beijing, according Hong Goo Lee, senior vice-president of Engine Business Group of Doosan Infracore.

Chen of Caterpillar identified talent development as the determinant of Caterpillar's success in China.