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Machinery sector to see slower growth this year

By Tong Hao (chinadaily.com.cn)
Updated: 2009-02-13 19:47

China's machinery sector could see a slowdown this year after a 23.43 percent growth in 2008, the China Machinery Industry Federation (CMIF) said its Feb 13 report.

The value of the industry output is forecast to grow roughly 15 percent while its profits and exports growth would increase by 10 percent each, the report said.

The 15 percent growth could still be good news for machinery makers as many other industries have been significantly hurt by a slowing economy.

"I am confident about the 15-percent growth this year because of the favorable policies of the country, including the 4-trillion-yuan package last December and the industrial stimulus packages under way," said Cai Weici, vice-chairman of CMIF.

The value of China's machinery output was 9.074 trillion yuan ($1.3 billion) in 2008, an increase of 23.43 percent year-on-year. Output value growth declined month by month during the second half of 2008 as the global financial crisis worsened. The average growth rate during the first half was 29 percent from a year earlier. It slowed to 11 percent in the second half. December recorded just 7 percent growth.

During the first 11 months, exports grew by 25 percent. It decreased to 2.7 percent in December. In 2008, the sales volume of China's machinery industry increased by 23.26 percent to 8.8 trillion yuan. The sector as a whole saw profits zoom to 460.5 billion yuan during the first 11 months of 2008, a 16.42 percent increase year-on-year.

China's machinery products were exported to 216 countries worldwide. The export volume rose by 25.7 percent to $242.5 billion and the surplus hit $47.7 billion.

The output value growth of private enterprises increased by 31.76 percent, 15.37 percent higher than that of state-owned ones. Besides, its profit increased by 24.36 percent in 2008, 19.94 percent higher than the latter.

"Although private enterprises will see bigger challenges in 2009, I believe they will survive very well because they respond quickly to market changes," Cai said.

CMIF statistics (collected from more than 100 key enterprises) showed that the growth rate of new orders received by private firms in 2008 dropped to less than 18 percent by the end of the year from 30 percent during the first quarter.