China’s machinery industry recorded steady growth in 2020, as revenues and profits exceeded expectations, according to the China Machinery Industry Association.
The added value of the machinery sector rose by 6 percent year-on-year, compared to the 3.4-percent growth recorded in the country’s manufacturing industry.
Chen Bin, executive vice president of the aforementioned federation, said the better-than-expected performance of the sector was partly due to China’s positive fiscal policies.
Chen predicted that the industry’s added value would rise 5.5 percent year on year in 2021, and that industry’s revenue and profits would record 4 percent growth.
Chen added that China will strive to strike a balance between imports and exports of machinery this year.
The article China’s machinery industry to record steady growth in 2020 was written in the Stock Exchange newspaper.