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Slowest Growth In Machinery Industry Output

CHINA'S machinery industry output grew 7.28 percent year on year to 4.79 trillion yuan (US$701.3 billion) in the first half of this year, the slowest growth in the past seven years, the China Machinery Industry Federation said in a statement yesterday.

The federation attributed the decline in growth to China's slowing economy in the first six months, but it is confident that the machinery industry would rebound in the second half as the economy bottomed out.

Latest data from the federation showed the industry had seen a growing trend in the first six months since its gross industrial output growth shrank to 2.9 percent in January and February. In June, industrial output surged 11.65 percent annually to more than 1 trillion yuan.

The industry's profit fell 7.73 percent in the first five months from a year ago to 189.8 billion yuan.


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