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China’s self-sufficiency rate of mechanical products reaches 85%

By Ding Yiting (People's Daily Online)    10:39, December 22, 2018

China's machinery industry is now 85 percent self-sufficient thanks to the country's forty years of reform and opening up.

In 1978, China’s industrial added value stood at 9.72 billion yuan. Between 1978 and 2017, the figure rose by 600 times, reaching 6 trillion yuan, according to the China Machinery Industry Federation (CMIF).

Annual profits totaled 1.71 trillion yuan in 2017, which stood at nearly 250 times the figure forty years ago.

In the 1980s, China relied heavily on foreign technologies in producing mechanical products. However, now, about 70 percent of technologies are self-developed, indicating that high-end equipment in China no longer heavily depends on imports.

Furthermore, green manufacturing, smart manufacturing, and service-oriented manufacturing sectors saw fast development in China, and private enterprises in the industry developed rapidly.

Wang Ruixiang, president of CMIF, said that the number of private enterprises in the machinery industry increased from 18,000 in 2000 to 67,800 in 2015. Over the same 15 years, business income and total profits at these companies also experienced double-digit growth.

 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Kou Jie, Bianji)

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