In ASEAN markets, Malaysia is the most important market for ASEAN in terms of volume. The industry's exports to Malaysia in 2016 ended the high growth rate since 2012 and dropped 12.8% YoY. According to our findings, as early as the first quarter of 2016, China's construction machinery industry recorded a 30.3% year-on-year decline in exports to Malaysia, while the industry reported a sharp drop in the industry loss rate in the first four months of 2016 to its highest point since 2010 Above global level, we also had a slowdown in the industry's annual export growth rate. So far, the economic growth of Malaysia and the real estate industry have slowed down. Given the combination of fiscal pressure, especially under the pressure of domestic currency and the increase of tax burden, the import demand for construction machinery will continue to grow weak in 2017, which may in turn lead to the construction machinery industry Export growth to the country continued to slump. (For more details, please refer to the warning message: "2016Q1 China's construction machinery exports fell sharply to Malaysia, or will lead to an increase in credit risk" (May 2016)).

In the Indonesian market, in the context of sluggish investment and consumption growth in recent years, the demand for construction machinery in Indonesia continued to be sluggish. The devaluation of the Indonesian rupiah has also plagued Indonesia since 2013. With the improvement in the commodity market in 2017, the Indonesian economy is expected to gain more support by relying on exports. As one of the fastest-growing economies in the large emerging economies, the long-term prospect can be expected. Therefore, we expect the construction machinery industry to export to Indonesia in 2017 or there will be a slight rebound. On the other hand, in 2017, Indonesia still faces many internal and external challenges. The main externalities include the uncertainty of the new U.S. government policy, the tightening of the global financial environment, the spillover effect of China's slowing economic growth and the stabilization of commodity prices Sex, etc .; the main internal are: lack of tax revenue, high domestic interest rates, financial space is compressed and so on.

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