China's machinery industry posts steady growth

2021-02-27 05:21:10 GMT2021-02-27 13:21:10(Beijing Time) Xinhua English

BEIJING, Feb. 27 (Xinhua) -- China's machinery industry posted steady performance in 2020, with revenues and profits beating expectations, according to the China Machinery Industry Federation.

The added value of the machinery sector rose 6 percent year on year, compared with the 3.4-percent increase seen by the country's manufacturing industry.

The better-than-expected performance of the sector was partly due to China's positive fiscal policies, said Chen Bin, executive vice president of the federation.

The added value of the industry is expected to rise around 5.5 percent year on year in 2021, and its revenues and profits will likely grow by 4 percent, Chen said.

The country will also strive to strike a balance between machinery imports and exports this year, he said. Enditem