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Chinese Machine Tool Industry on Steady Growth in New Year(2007-1-8)

January 8, 2007

The year 2007 will be a year of steady development for the machine tool industry in China, China Industry News reports, quoting insiders in the industry.

President and CEO of China Machine Tool & Tool Builders' Association (CMTBA), Wu Bolin, said the industry would continue to grow steadily and fast, though the speed would become slower compared to previous years. He expected the gross output value and sales revenue of the industry would rose by 10% to 15%, reaching RMB180 billion, and revenue from selling the estimated 90,000 units of metal working machine tools in the year will reach RMB55 billion.

He also forecast that in 2007, US$13 billion worth of metal working machine tools will be consumed in China, and foreign trade volume will reach US$16.5 billion.

Yang Xuetong, Deputy Secretary-general of China Machinery Industry Federation (CMIF), said the machine tool industry will grow at around 20% this year, as the overall demand in the market will continue to be strong following the commencement of construction of a number of key projects in China, the demand from training centers in educational institutes, the rapid development of the automotive industry, and the increasing demand from the aircraft and shipbuilding industries.

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