Latest News:  
Beijing   Overcast/Cloudy    13 / 5 ℃  City Forecast

English>>Business

Machinery makers asked to brace for hardship amid slowdown

(Xinhua)

10:45, November 26, 2012

BEIJING, Nov. 25 (Xinhua) -- China's machinery industry should brace for continuing hardships and seek higher growth quality, as the industry was being hit hard by the country's economic slowdown, an expert said Sunday.

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

This has been illustrated by all major indices, including value-added output, profits and fixed asset investment.

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 companies 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.

"At present, the growth rate of the sector is basically at its slowest level, but it is not likely to see any large further declines in the future," Cai said

He predicted that the industry will maintain the low level of growth in the fourth quarter.

The industry should brace for continuous hardship in the year to come and manufacturers will still face strong pressures of restructuring and upgrading to achieve sustainable growth, Cai said.

China's economy grew by 7.4 percent year-on-year in the third quarter, slowing for the seventh straight quarter and down from 7.6 percent in the second quarter and 8.1 percent in the first quarter, according to the National Bureau of Statistics.


【1】 【2】



Recommended Features:
Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
The Vision of A Pillar Industry China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'?

Email|Print|Comments(Editor:李倩、梁军)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Destroyer fleet in combat training

  2. Veterans of Chinese national flag escort attend job fair in Beijing

  3. Unforgettable moments you can't miss in Nov.

  4. Sexy models shine at Guangzhou Auto Show

  5. Attractive beauties at auto exhibitions

  6. Construction of Yellow River bridge underway

  7. Ancient Chinese royal ceremonial wear

  8. National Geographic photo contest collection

Most Popular

Opinions

  1. China's economy picking up steam
  2. Debt crisis handicaps EU foreign affairs
  3. US not a bystander of Israeli-Palestinian conflict
  4. What a successful woman needs ?
  5. Commentary: Experimental financial reforms
  6. Does culture matter for restoring old towns?
  7. China 'essential to European recovery'
  8. China's arms’s capacity for independent innovation
  9. China's economic growth well on recovery track
  10. Call for fairer income distribution

What’s happening in China

Pretty model shines at Guangzhou Auto Show Hyundai Motor stage

  1. Co-worker: Political adviser has emigrated
  2. Chongqing pledges probe into sex tape scandal
  3. No casualties reported after quake jolts Xinjiang
  4. Heavy snow hits Altay, NW China
  5. Traffic jam seen on Jingtai Highway in Jinan