Chinese machinery industry almost doubles profits

The China Machinery Industry Federation reported that total profit for the country’s machinery industry rose about 44 percent to RMB127.6 billion (US$16.01 billion) for the first six months of 2006, compared to the year-earlier period, when profits dropped by nine percent year-on-year, according to Machine.2456.com.

Production rose by 29.39 percent to RMB2,496.557 billion ($313.29 billion), of which 96.8 percent were sold, generating sales revenue of RMB2,417.747 billion ($303.4 billion), a 28.99 percent increase, year-on-year.

Exports rose 21.33 percent to RMB384.262 billion ($48.22 billion).

Part of the growth is attributed to the industry’s gradual upgrade of its product portfolio, including CNC machine tools.