Abstract Based on the current analysis of the machinery industry, the growth rate of hand-held orders for enterprises remains relatively strong, suggesting that there are no major issues expected to cause production fluctuations. The economic performance of the machinery sector has shown steady growth in the second half of the year. However, China's machinery industry is currently facing a market downturn, with increased uncertainty in the economic outlook. Despite these challenges, the industry has continued to push forward with structural adjustments, leading to a gradual recovery and moderate growth in overall operations.
According to the China Machinery Industry Federation, in the first 10 months of this year, the export delivery value of the machinery industry rose by approximately 1.2% year-on-year. This marks a slight rebound in cumulative growth for three consecutive months. Private enterprises showed the strongest growth, increasing by about 6% year-on-year, up 0.08 percentage points from the previous month. Meanwhile, state-owned and foreign-funded enterprises saw declines of around 6% and 0.05%, respectively, but the decline narrowed compared to the previous month by 0.66 and 0.7 percentage points.
In addition, during the first 10 months of the year, over 19.37 million vehicles were produced, representing a year-on-year increase of 17%. This growth has remained above 15% for seven consecutive months. Among different vehicle types, the sales of multi-purpose passenger vehicles and sport utility vehicles increased significantly by 88% and 55%, respectively, while basic passenger cars also saw a 17% rise in production.
According to an official from the China Machinery Industry Federation, demand for Chinese machinery products is expected to maintain a steady medium-speed growth next year, with limited volatility. During this period, demand for high-end machine tools is expected to rise, and the construction machinery market will likely recover. Meanwhile, the growth rate of automobile production and sales is anticipated to gradually slow down.
Industry experts emphasize that in the future, China’s machinery industry must accelerate structural adjustments and promote transformation and upgrading. Heavy industrial development is a key driver of China’s economic growth and has become a crucial force behind its economic expansion. China is currently in the middle stage of heavy machinery and heavy chemical industry development, a phase that is expected to last for a long time. In this stage, the development of heavy machinery should outpace that of light and medium-sized mechanical products. As a result, the large and heavy-duty machine tools industry is expected to grow much faster than smaller-scale counterparts, offering promising prospects for the future.
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