China's machinery industry registers stable growth in H1

BEIJING - China's machinery industry registered stable growth in the first half of this year, while its intelligent and green drives picked up speed.

The China Machinery Industry Federation said the sector's added value went up 9.7 percent from a year ago in the January-June period, driven by vibrant electrical machinery and equipment manufacturing and automobile production.

In a signal of accelerated shifts driven by innovation, the business revenue and profits of machinery strategic emerging industries were up by 10.4 percent and 15.6 percent, respectively. By the end of June, the number of innovation platforms in the machinery sector had reached 260, offering support for industrial chain stability.

While major indicators remained satisfactory, Luo Junjie, executive vice president of the federation, said the sector was still under pressure and vowed stronger support to sustain the stable trend in the second half of 2023.