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Machinery growth to stay low

(Global Times)

09:37, November 26, 2012

China's machinery industry is likely to grow at a slow pace in the fourth quarter, impacted by the country's economic slowdown, a leading expert said Sunday.

Cai Weici, vice president of the China Machinery Industry Federation (CMIF), said at a news briefing in Beijing that the industry had experienced a persistent downward trend since the beginning of the year.

The machinery industry's value-added output grew by 8.6 percent in the first nine months, 1.3 percentage points lower than the average growth rate of all industries during the same period, according to federation data.

A poll showed that orders received by firms tracked by the CMIF dropped 0.35 percent year-on-year during the first three quarters, indicating that the sector is still facing weak demand.

Xinhua - Global Times

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