(ECNS) --The production of China's machinery industry experienced a sustained and stable recovery during the first half of this year, achieving rapid growth in various key economic indicators, according to the China Machinery Industry Federation on Sunday.
Latest data shows that from January to May this year, China's machinery industry accumulated revenue of 11 trillion yuan (around $1.5 trillion), representing a year-on-year growth of 10.6 percent. The industry has also achieved a total profit of 613.66 billion yuan, showing an increase of 18.2 percent compared to the same period last year.
This year, the exports of the machinery industry have shown a notable trend of both quantity and quality improvement with high value-added products standing out. From January to May, the export value of the machinery industry increased by 18.1 percent year-on-year. Notably, exports to countries along the Belt and Road Initiative grew by 27.6 percent. The export volume of complete machine products, including automobiles, excavators, and loaders, recorded growth rates exceeding 30 percent.
In the future, China will continue to strengthen high-end, intelligent, and green development of the machinery industry, focusing on the development of major equipment, breakthroughs in core technologies, and continuously promoting high-quality growth in the sector. It is projected that the major economic indicators of China's machinery industry will achieve a growth rate of 5% this year.