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Reliance on machinery imports cut
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Chinese manufacturers are now able to supply over 85 percent of mechanical product types on the domestic market, helping the nation cut its high reliance on imports, the president of the China Machinery Industry Federation said yesterday.
Although China still trails developed countries in sectors such as numerical control systems, advanced hydraulic components and engines, all the domestically produced combine-harvesters have met domestic needs and around 80 percent of the key auto components have attained industry鈥檚 standards, Wang Ruixiang said at the 2017 National Machinery Industrial Quality and Brand Improvement Conference.
Meanwhile, China has broken the monopoly of foreign numerical-control machine tools, which are equipment used to produce machines, and advanced bearings, a component to help control the motion of machines.
Profits at domestic machinery makers grew 14.31 percent year on year to 995.4 billion yuan (US$150 billion) in the first seven months of 2017.
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