China’s machinery industry growth slows

China’s machinery industry maintained slower but moderate growth in 2012 with positive signs of restructuring and upgrading. According to the China Machinery Industry Federation (CMIF), the total output of the machinery industry grew 12.64 percent to 18.41 trillion Yuan (2.93 trillion US dollars) in 2012, citing data from the National Bureau of Statistics. This shows that the machinery industry has entered a stage of moderate growth compared with rapid expansion in the first decade of the century, Cai Weici, a CMIF Vice President, said at a press conference. Last year, the industry’s profits rose only 5.18 percent year on year, 15.96 percentage points slower than in 2011, said Cai, adding that rising financial costs have resulted in dropping profitability. Exports and imports for the machinery industry amounted to 647.2 billion US dollars in 2012, up 2.54 percent year on year.