CMIF Lowers Down China Machinery Industry Growth Target for 2008 to 20%
China machinery industry has shown a flourishing growth in both production and sales in 2007, with a year on year growth of nearly 32% in industrial production value, according to a recent report posted by China Machinery Industry Federation (CMIF).
For the first 11 months of 2007, China machinery industry saw a rise of 47.79% year-on-year to RMB388.67 billion in profit, while export increased by 40.74% year on year.
According to the report, China¡¯s machinery industry is forecast to grow by only 20% in 2008, due to the tighter and tighter business environment.
It is said that the industry is also facing great challenges, such as a slower development in critical parts and components compared with that of machine units, insufficient efforts in mergers and acquisitions, and not-yet-optimized corporate structure.
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