On August 4, it was reported that China’s machinery industry has shown stable and positive economic performance in the first half of the year. Production and sales have grown steadily, foreign trade has demonstrated resilience, innovation has accelerated, new productive forces have developed actively, and industrial upgrading and high-quality development have achieved significant results.
In the first half of the year, the machinery industry further consolidated its role as a pillar of the economy. By the end of June, the number of large-scale enterprises in the sector reached 136,000, an increase of 6,000 compared to the same period last year, accounting for 26.2% of the national industrial total. Additionally, the added value of large-scale machinery enterprises grew by 9.0% year-on-year, exceeding the national industrial and manufacturing growth rates by 2.6 and 2 percentage points, respectively, playing a positive role in stabilizing the economy and boosting industrial performance. Moreover, all five major industrial categories within the machinery sector saw year-on-year growth in added value. The automotive and electrical machinery industries achieved double-digit growth, with increases of 11.3% and 12.2%, respectively. The general equipment, specialized equipment, and instrument manufacturing sectors grew by 8.3%, 3.8%, and 7.6%, respectively.
In terms of production and sales, improved domestic market demand, driven by existing policies and expanded new initiatives, led to better overall performance compared to the previous year. In the first half of the year, among 122 key monitored products, 84 saw increased production, accounting for 68.9%—a 7.4 percentage point increase year-on-year.
Looking ahead, sustained macroeconomic and industrial policies, along with accelerated reforms, will continue to benefit the machinery industry, maintaining its stable and positive trajectory.
In the first half of the year, the market penetration rate of new energy vehicles reached a record high for the period.
Additionally, the machinery industry has accelerated efforts in new industrialization and industrial transformation, fostering innovation and strengthening new growth drivers, with positive results in high-quality development.
In emerging industries, strategic sectors have further driven the machinery industry’s growth. In the first half of the year, revenue and profit growth in new energy equipment, energy-saving and environmental protection equipment, and high-end manufacturing significantly outpaced the industry average.
In green transformation, the market penetration rate of new energy vehicles reached 44.3%, a historic high for the period. Clean energy equipment has developed rapidly, supporting the construction of a new energy system. Wind turbine production grew by over 70%, accounting for more than half of total power generation equipment output. Wind and solar power installations made up 89.9% of newly added capacity.
In foreign trade, the machinery industry’s total import and export volume reached $597.6 billion, a 7.1% year-on-year increase. Exports to major economies maintained double-digit growth.
Comprehensive analysis suggests that the machinery industry will continue its stable and positive trend in the second half of the year, with annual economic indicators expected to grow by around 5.5%, while foreign trade remains generally stable.
