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Machinery sector profit 'to grow at 8% in 2013'

Updated: 2013-08-07 19:12
By Du Juan (

The machinery sector expects profits to grow at 8 percent for the year, said Cai Weici, vice-president of the China Machinery Industry Federation on Tuesday.

He made the prediction after the release of first-half figures for the industry, which accounts for nearly one-fifth of China's exports and imports.

During the first half of the year, the sector saw profits of 600 billion yuan ($97 billion), up 12.58 percent compared with the same period last year, according to the federation.

The last year was the "toughest year for the industry" since 2009 because of the slowdown.

During the first six months, the industry realized total revenue of 9.45 trillion yuan, up 12.92 percent year-on-year.

Cai said there are several challenges that the industry is facing, including weak domestic demand and slow export growth.