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Experts Say China's Machinery Industry Has Developed Well in the First Half of the Year
On July 12, during the first half of the year's machinery industry economic operation briefing, Zhu Sen, Executive Vice President of the China National Machinery Industry Federation, stated that the country’s machinery sector has been growing steadily and rapidly. He pointed out that in the first half of the year, the industry maintained a strong growth trajectory, with higher growth rates compared to previous periods, especially in the top five months. Economic performance improved significantly, with new and high-tech products driving innovation and transforming technological advantages into competitive development power. Product structures are continuously being optimized, and foreign trade proportions have shifted, reflecting an overall increase in industry strength.
According to official data, in the first five months of this year, 13 key sectors within the machinery industry all experienced double-digit growth. The automotive and electrical industries saw growth rates exceeding 30%, while all 31 provinces, autonomous regions, and municipalities reported double-digit increases. Jiangsu, Shandong, and Guangdong—top contributors—accounted for over 40% of the added value in the machinery sector. In central China, Anhui, Hunan, Henan, and Jiangxi all outperformed the national average. Meanwhile, the northeast region's equipment manufacturing industry showed notable growth, and the western provinces of Chongqing, Sichuan, and Shaanxi saw some of the highest growth rates, surpassing 50%.
In terms of profitability, machinery enterprises above designated size recorded the highest profit growth in history for the same period, with profit increases far outpacing output value growth. Experts believe that the rise in new products is reshaping both product and industrial structures. Zhu Sen noted that the output value of new products exceeded 500 billion yuan in the first five months, a 33% increase from the same period last year. These products contributed more than 20% to the total new industrial output, playing a vital role in the industry’s rapid development. High-end product R&D has also driven industrial upgrades.
Regarding exports, although the growth of CNC machine tools—high-end machinery products—slowed slightly compared to 2006, export volumes still increased. In the first five months, the industry exported $160 million worth of CNC machines, while importing $2.012 billion. General trade exports now exceed processing trade exports, with 49% and 46% of total machinery exports respectively. This shift marks a significant change in the traditional reliance on processing trade.
Zhu Chendi predicted that the policy to revitalize the equipment manufacturing industry in the second half of the year will bring positive impacts, creating substantial market opportunities. However, rising production costs and raw material shortages may squeeze profit margins for certain products. Overall, the machinery industry continues to show strong momentum, driven by innovation, structural optimization, and expanding global trade.