China's Machinery Sector Posts Annual Revenue of Over CNY30 Trillion for First Time
(Yicai) Feb. 17 -- The total revenue of China's machinery industry exceeded CNY30 trillion (USD4.14 trillion) for the first time ever last year, despite profit shrinking.
Revenues of Chinese machinery industry enterprises with an annual turnover of over CNY20 million (USD2.8 million) totaled CNY31.5 trillion in 2024, Luo Junjie, executive vice president of the China Machinery Industry Federation, said at a press conference on Feb. 14. Their profits narrowed 8 percent to CNY1.6 trillion (USD220.7 billion).
Despite the increasingly complex external environment, the favorable factors supporting the Chinese machinery industry's high-quality development have further increased, Luo noted.
The added value of China's major machinery industry firms climbed 6 percent last year from the previous one, 0.2 percent higher than the national value-added industrial output growth, according to data released by Luo.
Meanwhile, the five major sectors of the economy involved in the machinery industry saw their added value increase last year, with the automotive manufacturing sector up 9.1 percent.
Among the 122 major machinery products monitored by the CMIF, 72 types of products saw a year-on-year growth in production volume, accounting for 59 percent of the total.
The total foreign trade value, export value, and trade surplus of the Chinese machinery industry reached new highs last year. According to data from the General Administration of Customs, the total foreign trade value of goods from the machinery industry rose 7.5 percent to USD1.17 trillion from 2023, accounting for 19 percent of the country's total trade in goods.
Luo expects the machinery industry to continue maintaining steady development this year, with the growth rate of major economic indicators projected to be around 5.5 percent, and foreign trade expected to remain generally stable.
