China's machinery industry grows 20 per cent
( 2003-07-20 08:56) (Xinhua)
China's machinery industry is expected to score a 20-percent rise in output value, with profits up by over 10 percent this year, despite a foreseeable month-by-month decline in the second half year, industry sources said Friday.
Cai Weici, vice president of China Machinery Industry Federation, said the industry's total output in the first four months dropped by 2.9 percentage points from that of the first three months, while that for the first five months went down by 2.35 percentage points from the January-April period.
A slight rebounded was recorded in June, Cai said at a press conference.
The automotive industry, which accounts for 40 percent of the machinery industry, is predicted to keep a growth momentum, but the growth would slow down as a result of the drop of automobile prices caused by fierce competition.
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