The China Machinery Industry Federation (CMIF) has issued its economic performance report for the domestic machinery industry in 2018. Chen Bin, executive vice president of the CMIF, stated that the operating revenue of the overall machinery industry in China amounted to RMB 21.38 trillion ($3.16 trillion) in 2018, up 6.05 percent year on year, while its aggregate gross profit amounted to RMB 1.45 trillion ($0.22 trillion), rising by 2.18 percent year on year, with the growths recorded by the operating revenue and gross profit 3.42 percentage points and 8.56 percentage points lower than the growth rates in 2017.
In particular, in 2018 the operating revenue of the auto manufacturing industry indicated a year-on-year growth of 2.9 percent, while its gross profit declined by 4.67 percent year on year, contributing to the slower growth rate of the gross profit of the overall domestic machinery industry in 2018.
As for 2019, the CMIF foresees that the operating revenue and the gross profit of the overall machinery industry in China will likely see year-on-year growth of 6.5 percent and 5.0 percent, respectively.