In the first half of the current year, China’s machinery industry registered an operating revenue of RMB 9.55 trillion ($1.4 trillion), down 4.94 percent year on year, with the decline 19.17 percentage points slower than that recorded in the first quarter this year, as stated by China Construction Machinery Association (CCMA). Meanwhile, the domestic machinery industry realized a gross profit of RMB 552.52 billion ($79.3 billion) in the first six months, down 7.09 percent year on year, with the decrease 49.49 percentage points slower than that recorded in the first quarter this year. The CCMA said the machinery industry has seen a stabilizing trend since March this year, contributing to the slower decline in operating revenue and gross profit in the first half this year compared to the first three months of the year.
The CCMA forecast that local demand in the machinery industry will improve further in the second half this year amid the better economic situation, while overseas demand will come under downward pressure amid the uncertainty resulting from Covid-19 in foreign markets.
$1 = RMB 6.9649