China's mechanical industry to maintain steady growth

BEIJING - China's mechanical industry will maintain an overall stable growth in 2019, the China Machinery Industry Federation said Monday.

The industry is expected to see a 6.5 percent growth of added value this year, and a 5 percent growth of total profit, according to the federation.

Meanwhile, the federation predicted a moderate export growth in 2019.

The industry's growth is being spurred by a guideline, issued by 10 national authorities including the Ministry of Commerce and the Ministry of Industry and Information Technology in the beginning of the year, on optimizing supply and promoting consumption.

The industry is expected to accelerate innovation-driven development and seek new dynamics this year to advance high-quality growth and industrial upgrading, the federation said.

In 2018, the industry's revenue amounted to 21.38 trillion yuan ($3.19 trillion), up 6.05 percent from the previous year, while total profits stood at 1.45 trillion yuan, up 2.18 percent year-on-year.