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February 15, 2017

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Machinery sector set to expand slower in 2017

CHINA’S machinery industry is likely to see stable but slower growth in 2017 due to weak demand amid downward economic pressure, an industry group forecast yesterday.

The annual growth of the sector’s value-added industrial output may slow to 7 percent in 2017 from 9.6 percent in 2016, while the business revenue increase would slow to 6 percent from 7.44 percent last year, according to data released by the China Machinery Industry Federation.

As China was trying to reorient the economy away from its reliance on exports and investment toward a consumption and service-driven model, traditional industries such as steel, coal, power generation, oil and chemicals were undergoing restructuring, and demand for machinery products would remain weak, said a federation statement.

Growth of fixed-asset investment in the machinery industry slowed to 1.7 percent in 2016 from 9.7 percent in 2015, the fifth straight year of decline

However, as China’s economic restructuring continued apace, machinery industries in consumption, environment protection and high-tech industries boomed. Sales of pollution control equipment surged 30.3 percent year on year in 2016, while that of new-energy vehicles grew 53 percent from a year earlier, the federation data showed.

China’s economy grew 6.7 percent in 2016, slower than the 6.9 percent growth in 2015 but within the target range.


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