2013 Machinery Industry: Maximize Cost Reduction and Increase Profitability

The difficult situation of “declining demand, overcapacity, rising costs, and falling prices” is unlikely to improve significantly in the short term. Although the industry has strengthened its efforts and made some progress in terms of structural adjustment, promotion of upgrading, and strong management, the profit rate has yet to reverse the decline. This grim reality warns us that the pace of industrial transformation and upgrading must be accelerated and efforts must be made to increase production efficiency and reduce resource consumption.

On November 14-15, the 2013 National Machinery Industry Economic Situation Report was held in Beijing. Cai Weici, executive vice president of the China Federation of Machinery Industry, said at the meeting that the growth rate of production and sales and profit growth of the machinery industry are expected to be around 12% this year. It is expected that the growth rate of the production and sales will continue to be relatively stable and relatively low in the coming years. It will be roughly 10% to 15%, and the profit growth will be roughly 10%. According to reports, from January to September this year, about 58% of the national machinery industry increased its output, and 42% of its production declined. The production of air separation equipment and plastic machinery fell; the output of gas compressors and oil drilling rigs increased.

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