CONTENTS

• DISTRIBUTION: THE KEY TO SUCCESS IN CHINA
• VOLVO’S FIRST EXCAVATOR LEAVES FACTORY IN SHANGHAI
• SHANGHAI DIESEL ENGINE HAS RECORD YEAR IN 2002
• SHANGHAI PENGPU ENJOYS ANOTHER GOOD YEAR
• XCMG COMPACT MACHINERY: DEVELOPING THE SMALL EQUIPMENT SECTOR

FINANCIAL RESULTS

• ANNUAL
• CHINA CONSTRUCTION INTERNATIONAL DEVELOPMENT
• SHANGHAI DIESEL ENGINE COMPANY
• XIANGTAN ELECTRIC MANUFACTURING