China's machinery industry to maintain steady growth in 2023

BEIJING, Feb. 15 (Xinhua) -- China's machinery industry has picked up its pace of recovery and is expected to achieve steady growth this year, according to the China Machinery Industry Federation.

The country's machinery industry maintained stable operation in 2022 despite challenges such as COVID-19, sluggish external demand and rising manufacturing costs, Luo Junjie, executive vice president of the federation, said at a press conference on Wednesday.

In 2022, the sector's operating revenues totaled 28.9 trillion yuan (about 4.24 trillion U.S. dollars), up 9.6 percent year on year, according to data from the federation.

The country's machinery industry has shown strong resilience, huge potential and great vitality amid headwinds, with the automobile, electrical appliances and other manufacturing sectors posting stable operation since the beginning of this year, according to Luo.

"As the domestic demand expands and the development environment of the sector continues to improve, China's machinery industry will maintain steady growth in 2023," Luo said.