XINHUA – China’s machinery industry posted steady performance in 2024, buoyed by the country’s large-scale equipment upgrade programme and a slew of incremental pro-growth policies, the China Machinery Industry Federation said.
In 2024, the added value of major machinery enterprises increased by six per cent year on year. Major enterprises refer to those having an annual main business revenue of CNY20 million or more (about USD2.79 million).
Among the 122 major machinery products monitored by the federation, 72 types of products saw year-on-year growth in production volume, accounting for 59 per cent of the total.
The innovation capability of China’s machinery industry has steadily improved, with the resilience and security of its industrial and supply chains continuously enhanced, the federation said.
Wind turbines accounted for more than half of the country’s total output of power generation equipment last year. In 2024, sales of new energy vehicles accounted for 40.9 per cent of the country’s total new vehicle sales, an increase of 9.3 percentage points compared to the previous year.
Despite the increasingly complex external environment, the favorable factors supporting the industry’s high-quality development have further increased, said Executive Vice President of the Federation Luo Junjie, adding that the industry is expected to maintain steady performance in 2025.
