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Experts Say China's Machinery Industry Has Developed Well in the First Half of the Year
On July 12th, 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, highlighted that the Chinese machinery sector has been growing steadily and rapidly. He emphasized that in the first half of the year, the industry maintained a strong growth trajectory, with increased output and improved profitability. The development of new and high-tech products has accelerated, transforming scientific and technological advantages into real competitive strengths. Additionally, product structures have become more optimized, and the share of foreign trade has gradually shifted, reflecting an overall improvement in the industry's strength.
According to statistics, in the first five months of this year, 13 key machinery sectors all experienced double-digit growth. Notably, the automotive and electrical industries saw growth rates exceeding 30%. Every province, autonomous region, and municipality in China achieved double-digit growth in machinery production. Provinces like Jiangsu, Shandong, and Guangdong contributed over 40% to the newly added industrial output. In central China, Anhui, Hunan, Henan, and Jiangxi outperformed the national average. Meanwhile, the northeastern region's equipment manufacturing sector saw a significant rise compared to the same period last year. In western China, Chongqing, Sichuan, and Shaanxi also recorded impressive growth, with some provinces achieving over 50% increases.
In terms of profitability, mechanical enterprises above designated size reported the highest profit growth in history for the same period, with profit increases far outpacing those of output value. Experts suggest that the surge in new products is reshaping both the product and industrial structures of the machinery sector. Zhu Sen noted that new product output exceeded 500 billion yuan in the first five months, marking a one-third increase from the same period last year. These new products contributed over 20% to the total new industrial output, playing a vital role in the industry’s rapid expansion. High-end product R&D efforts have further driven industrial upgrades.
Regarding exports, the machinery industry's high-end products, such as CNC machines, are showing a slower growth compared to 2006, but their export volume has still increased significantly. In the first five months, CNC machine tool exports reached $160 million, while imports totaled $2.012 billion. General trade exports have surpassed processing trade, accounting for 49% of total machinery exports, compared to 46% for processing trade. This shift signals a positive transformation in the industry's export structure.
Zhu Chendi predicts that the policy to revitalize the equipment manufacturing sector will bring positive effects in the second half of the year, creating new market opportunities for mechanical products. However, challenges remain, including rising production costs and raw material shortages, which may compress profit margins for certain products. Despite these hurdles, the machinery industry continues to show resilience and momentum, demonstrating its critical role in China's broader economic development.