China’s machinery industry is expected to achieve steady growth in 2023, as per the China Machinery Industry Federation (CMIF). The industry maintained stable operation in 2022, with operating revenues totalling 28.9 trillion yuan, up 9.6 percent year-on-year (YoY). The sector’s sales revenue and profits are expected to grow 5 percent YoY in 2023, while exports will maintain steady development momentum.
The machinery industry remained stable in 2022 in spite of issues like COVID-19, slow internal demand, and increasing manufacturing costs. The industry’s total profit soared 12.1 percent on a yearly basis to 1.8 trillion yuan.
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