China's machinery sector picks up
Updated: 2014-08-05 16:43
(Xinhua)
|
||||||||
BEIJING - China's machinery industry continued to recover with rising profitability in the first half of 2014 following moderate growth last year, according to a report released on Tuesday.
The report, issued by the China Machinery Industry Federation (CMIF), said aggregate profits across the sector increased 19.6 percent to 715.3 billion yuan ($115.9 billion) for the first six months of 2014 compared with an average 15.6-percent growth in the whole of 2013.
![]() |
![]() |
The CMIF's vice-president Chen Bin attributed the increased performance to lower energy and raw material prices and increased added value, thanks to the innovations made by China's machine makers.
According to the report, technology breakthroughs put Chinese enterprises in a favorable position when doing business with foreign partners.
From January to June, trade surplus in the machinery sector rose to $35.8 billion as more high-end machines were sold to overseas markets.
Despite these improvements, the CMIF report cautioned that difficulties still linger.
Sluggish domestic demand is pushing lower prices and stockpiling of products. High financing costs and account receivables are also burdening China's machine makers.
The development of the machinery industry is crucial to a country's manufacturing sector. China's machine makers had a strong decade from 2001 with rapidly expanding revenues. But the development then decelerated due to an economic slowdown, overcapacity and uncompetitive products.
"Generally speaking, the machinery sector is improving. But enterprises should brace themselves for future uncertainties as prospects are not solid enough," said Chen.
Life in quake-hit areas of Southwest China
Getting teachers to teach about China
Drought persists in Central China's Henan province
US artist creates lifelike baby animals
US-Africa summit starts with fora
Group aims to lure back skilled Chinese talent
Calligrapher brings distinctive script to US
Baseball serves as bridge for US ties
Most Viewed
Editor's Picks
|
|
|
|
|
|
Today's Top News
Barrier lakes pose threat in quake-hit Ludian
Envoy dismisses building freeze in S. China Sea
Microsoft gets warning: Don't block watchdog
New York tests possible Ebola victim
Premier Li visits Yunnan quake site
373 dead as strong quake jolts SW China
US ready to help China in quake relief
China needs 'sustainable' urbanization
US Weekly
|
|

















