Chu Jiwang, president of Ningbo Ruyi Joint Stock Co Ltd, says he is "not afraid" of the financial crisis.

The head of one of Asia's award-winning forklift manufacturers is urging his fellow Chinese competitors to innovate instead of lower prices in the face of the global financial crisis.

Chu Jiwang, president of Ningbo Ruyi Joint Stock Co Ltd, says he is "not afraid" of the financial crisis.

Chu, 67, says the only thing that worries him is that the industry will lose confidence and neglect their responsibilities to the customer.

Opting to stay positive, Ningbo Ruyi is digging deep and examining its practices. "We have to change the way we think. What can a company do in such a difficult time? What kind of things can we avoid?" Chu asks.

"We cannot compete with each other by only lowering prices hastily. Instead, we have to work together. We have to improve our products and add value to the customer. If we are not moving ahead, we are wasting resources," he says.

The Chinese manufacturer has been affected by the financial crisis. Over 80% of its products are for export and its orders have decreased. Ningbo Ruyi has also let employees go but declines to disclose how many for this interview.

"No matter how hard the future is, we should be modest, creative and constantly improving our national manufacturing standards. We also have to learn from famous global manufacturers, especially their concept and technology," Chu says, adding that Ningbo Ruyi has learned from Jungheinrich's "high technology and innovation".

Ningbo Ruyi says it has changed its sales strategy to focus more on using the Internet and building existing customer relationships.

"We have established good, long-term relationships with our customers and we do our best to support each other to survive the financial crisis. We are also actively developing new markets and new customers at the same time," Chu explains.

He says that the company actively promotes its brand and products on websites like Forkliftaction.com, Chinaforklift.com and Alibaba.com.

Participation in overseas trade shows is also not neglected and helps maintain the company's image and visibility. "As a visitor said, 'when we see you at the show, we know you survived the crisis and we think you are a reliable supplier'," Chu says.

Ningbo Ruyi is a Sino-German joint venture company specialising in forklifts, pallet trucks and stackers. It has won the "China Top Brand Product", "National Inspection-Free Product" and "Chinese Famous Trademark" awards since it was established in 1985.