At present, there are more than 10,000 companies that produce fasteners in the country, but the production of low-intensity enterprises accounts for 70% of the total. If we do not increase the technological content of products and reduce costs, we will soon be reduced in production costs. The state replaced, that our country's solid enterprises will face a major economic crisis.
In recent years, many foreign companies have opened branch factories in China's interior. So far, more than 200 fastener companies in the United States, Japan, the United Kingdom, India, Germany, Hong Kong and Taiwan have focused on producing high-strength, high-precision fasteners, and their total production value has reached the domestic level. 25% of the fastener industry, which will promote and enhance the overall level of the domestic fastener industry.
The world market is vast and boundless. Countries such as the United States, Europe, and Japan are big countries in industrial production, and their development space is limited. We should look for emerging markets. The demand for fasteners and standard parts is everywhere, from aircrafts, trains, automobiles, down to furniture and appliances. It is needed, like Southeast Asia, Africa, Middle East and other regions, China's fasteners. The factory volume is very small. We should strengthen our attention to these areas and let our fasteners go further on this road in the world.