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Automotive Sector Becomes Major Profit Maker
The automotive sector has become the leading profit maker of China's machinery industry, with its profit accounting for 42 percent that of the whole industry for the first half of this year.
The profits of China's top three automobile enterprises have increased rapidly. The Shanghai Automobile Group made over 3.3 billion yuan in profit in the six months, up 24 percent year on year. The First Automobile Works Group and Dongfeng Motor Corporation respectively reported profits of 1.6 and 1.3 billion yuan, up 19 percent and 21 percent, according to the China Machinery Industry Federation.
Automobile sales for the half year also increased rapidly, traders said.
Experts attributed the bullish market to the government policy to encourage individuals to buy their own cars.
Meanwhile, the strategy to develop China's western areas and the construction of large-scale projects in these regions have promoted the sales of vehicles mainly for urban infrastructure, airports and water conservation projects.
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