The tradition has declined however in recent years due to rapid urbanization, scarcity of timber and lack of available construction space, all of which combine to threaten its transmission and survival.
"The construction of affordable homes will help curb excessive price rises and fuel urbanization, which will in turn unleash consumption and investment potentials and push development of related industries, " Mr. Li said.
In addition, the long-term growth factors for Caterpillar remain intact as rising world population, prosperity and urbanization will increase demand for energy and resources, promoting growth across its industrial businesses: construction, mining and power systems.