The popularity of the small excavator market directly benefits from the "top-down" central funding. In 2025, all funds for equipment renewal supported by ultra long term special treasury bond have been released. These funds are clearly used and released quickly. This money is mainly invested in equipment upgrades in fields such as agriculture, water conservancy, and municipal engineering. The project is decentralized, with fast approval and guaranteed funding, making it naturally suitable for small-scale excavation operations.

However, when large excavator encountered a downturn in the market, it was stuck in the local government's "money bag". Large excavator's corresponding traditional infrastructure and real estate projects heavily rely on local finance and special bonds. The reality is that a considerable portion of the newly added local government bonds in 2025 will be used to repay overdue corporate accounts and historical project payments. The funds that can truly generate the "physical workload" of new construction projects are far less than expected.

The local government needs to 'fill the hole' first before 'digging a new hole', "said a financial system official with helplessness. This leads to a cycle: tight local funds → difficulty in launching large-scale excavator new projects → sluggish demand for medium and large scale mining → intensified structural differentiation in the industry.