China's machinery industry profits hit record high

16:25, August 06, 2010      

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China's machinery industry achieved around 353.6 billion yuan in profits, or 86.1 percent year-on-year total profit growth, in the first half of the year, which was a record high, according to the China Machinery Industry Federation on Aug. 4.

Data from the federation suggested that the gross output value and sales value of the machinery industry achieved about 6.6 trillion yuan and 6.4 trillion yuan, representing a 36.9 percent and 37.9 percent year-on-year increase, respectively.

"China's machinery industry is expected to continue the steady growth by means of a better structural shift," said Cai Weici, vice president of the federation.

Cai said the production and sales value has reached more than 1 trillion yuan each month since March of this year, which amounts to a more than 30 percent speed-up in nine sub-industries, including automobile, construction machinery and machine tools.

Meanwhile, the machinery industry has achieved 118.6 billion U.S. dollars in exports and 116.5 billion U.S. dollars in imports in the first half of the year, representing a 33 percent and 47 percent year-on-year growth, respectively, which marks that the overall industry situation is rebounding to the 2008 level.

Author:Zuo Ya, People's Daily, August 9,2010. Editor: Li Mu


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