The Chinese economy has entered the “new normalâ€, and economic growth has evolved from high speed to medium speed, and major changes have taken place in the growth pattern. The new normal means that the mode of economic growth has changed and remains relatively stable over a long period of time. The main manifestations are moderate economic growth, structural optimization, and social harmony. The transition to the new normal means that China’s economic development conditions and environment have undergone or will undergo many major changes. Economic growth will basically bid farewell to double-digit growth rates since the beginning of reform and opening up, and the traditional imbalance, incoordination, and incompatibility The sustained extensive growth model basically bids farewell. Let's talk about the significance of the " new normal " on the micro level. The microscopic level I am referring to refers to the automotive industry, especially in the commercial vehicle sector, and specifically to companies such as Fast . In 2013, Shaanxi Fast Automotive Transmission Group achieved a sales revenue of RMB 11.04 billion, an increase of 34.67% year-on-year. All business indicators ranked first in China's gear industry for 11 consecutive years, and transmission production and sales ranked first in the world for 8 consecutive years. From January to September this year, Fast achieved sales revenue of 9.513 billion yuan, a year-on-year increase of 20%, and continued to maintain its leading position in the industry. Compared with the unconventional and leapfrogging growth rates of 100% and 150% in the first ten years of the new century, the growth rate of the operating indicators of Fast in recent years has remained relatively stable. Not only that, we will all maintain such a trend for a long time in the future. This is the “new normal†of Fast. From the development and changes of Fast, the market of domestic commercial vehicles was pushed back in a similar manner. In the past two years, the words “blowout,†“explosive growth,†“in short supply,†and “expanding production capacity†have gradually subsided in the industry, and replaced by “industry adjustments,†“structural transformation,†and “technical upgrades.†It is not difficult to see the great changes therein. It is obviously a good change. I think there are three reasons for this change. First, since the reform and opening up, especially in the last decade or so, the development of China's auto industry has been strong, and the automobile industry has become increasingly prominent as a pillar industry of the national economy. However, this development is based on the imbalance in supply and demand in the Chinese automotive market. It is based on the foundation of China's auto industry. It is not duplicative and sustainable, because China’s total market is limited. Growth and road traffic are limited. On the other hand, with the growth of China’s economy and the improvement of people’s living standards, there is a higher demand for automobiles, both passenger cars and commercial vehicles, which requires adjustments by our automotive industry companies. Upgrade to meet future development directions. Third, the development of the enterprise is the same as the market situation. It cannot be smooth and easy. It has the characteristics of spiraling up, sinusoidal characteristics, peaks and troughs. The trough period is precisely the golden adjustment period in which we accumulate strength, experience internal strength, improve management, improve technology, and welcome the next round of market peaks in a better state. Without this adjustment and preparation, no matter whether it is the industry or the development of the enterprise, it will not be able to succeed. Fast's development history has repeatedly proved this truth. From 1995 to 2000, the company's production and operation were struggling and indebted, and we took great pains to carry out reforms: we eliminated the administrative level of cadres, implemented the appointment system for all middle-level and above cadres, granted subsidies to scientific and technical personnel with outstanding contributions, and implemented piece-rate wages for fixed-line workers. To streamline the ranks of cadres and dismantle the three industries ... Since 2000, Fast has made a series of preparations for the company to step out of the quagmire of continuous losses and enter a new track of leapfrog development. In 2005, affected by the country's macro-control, Fast's operating performance fell sharply after the blowout in 2004, a decline of 28%. In this year, we firmly believed in continuing to promote technological transformation. Xi'an Hi-tech Plant was completed and put into production. The Baoji Foundry Plant started construction. A large number of new equipment entered the new base, and the production capacity of the company was greatly increased. It was the first time in the climax of the market. It has laid a solid foundation for winning. At the end of 2008, the financial crisis struck and the domestic market plummeted. Transmission output fell from 30,000 units per month to about 10,000 units. In this year, Fast's 12-speed, 16-speed and other large-scale transmission new products were gradually introduced to the market and emerged. The focus of enterprise development has shifted from technological transformation to technology research and development. New products, new processes, and new technologies have opened up a new door for the “diversification†of Fast. Today, we have transformed from a single heavy-duty transmission manufacturing enterprise to a supplier of commercial vehicle transmission systems for medium and heavy truck transmissions, passenger car transmissions, retarders, synchronizers, power take-offs, speed reducers, and clutches. Take a look and make an appointment, thick and thin. The historical experience tells us time and time again that without the painstaking operation and recklessness of the low season, there will be no spurt in the peak of the market. The “new normal†of the slowdown in the country’s economic growth can help eliminate the backward production capacity of the automotive industry and standardize the market order. It is a rare historical opportunity for enterprises with abundant funds, advanced technology, and advanced management to provide the company with future development. Adequate adjustment preparation time. Therefore, we must correctly understand the current steady growth of the country's economic good situation, scientifically review the situation, rational planning and development, identify the future direction, and strengthen self-belief, do a good job in technology improvement, product development, management upgrade, talent introduction, marketing, culture Various basic preparations such as construction will provide strength for the development of the automotive industry in the next 5 years, 10 years and even 20 years, and greet the next round of market growth with a more healthy and stable body.
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Chairman of the Board of Directors of Fast Group Corporation Li Dakai 
