In 2023, the added value of China's machinery industry increased by 8.7% year-on-year

In 2023, the added value of the mechanical industry increased by 8.7% year-on-year, which is 4.1 and 3.7 percentage points higher than the national industrial and manufacturing growth rate; Realized a revenue of 29.8 trillion yuan, a year-on-year increase of 6.8%; The total profit achieved was nearly 1.8 trillion yuan, a year-on-year increase of 4.1%. As of the end of 2023, there were 121000 enterprises above designated size in the mechanical industry, an increase of 10000 compared to the previous year, and the industrial scale has reached a new level.

This was learned by a reporter from Economic Reference Daily on February 5th from the 2023 press conference on the economic operation situation of the machinery industry.

Ye Dingda, Chief Economist of the China Machinery Industry Federation, stated that although the economic operation of the machinery industry has experienced fluctuations in 2023, the overall trend is improving. Affected by the comparison base, the growth rate of the main indicators was lower in the first quarter, higher in the second quarter, and slowed down in the third quarter. However, with the concentrated introduction and implementation of a number of stable economic policy measures, the industry's operation stabilized and improved again in the fourth quarter, and the main economic indicators achieved stable growth throughout the year.

Specifically, in 2023, the added value of all five major categories of the national economy involved in the mechanical industry increased, with electrical machinery and automobiles playing a prominent driving role, with added value growth rates reaching 12.9% and 13%, respectively. The overall fixed assets investment continued to grow at a high speed, which played an important supporting role in driving industrial and manufacturing investment. Among them, the investment in automobiles and electrical machinery grew at a high speed, with growth rates of 19.4% and 32.2% respectively. In particular, the growth rate of electrical machinery has always been higher than 32% for two consecutive years.

Foreign trade has steadily increased and reached new highs. Data shows that in 2023, the total import and export volume of mechanical industry foreign trade reached 1.09 trillion US dollars, a year-on-year increase of 1.7%, surpassing trillion US dollars for the third consecutive year, accounting for 18.3% of the total national foreign trade import and export volume.

It is worth noting that strategic emerging industries lead the innovative development of the industry. Data shows that in 2023, the total operating revenue of the mechanical industry and new industry related industries was 24.2 trillion yuan, a year-on-year increase of 7.8%; Realized a total profit of 1.4 trillion yuan, a year-on-year increase of 7.0%; The growth rate of major indicators in new energy equipment, new energy vehicles, energy conservation and environmental protection industries and other new industries is significantly higher than the overall level of the mechanical industry, becoming a new leader in leading industry innovation and development.

At the same time, the cultivation of new driving forces for green development is accelerating, and the development of high-end and intelligent products is accelerating. Data shows that in 2023, the operating revenue and total profit of the energy equipment manufacturing industry in the mechanical industry increased by 9.7% and 18.5% year-on-year, respectively, which were 2.9 and 14.4 percentage points higher than the overall mechanical industry. As of the end of 2023, 18 mechanical enterprise intelligent factories, including Ningde Times, GAC Aian, Longji Co., Ltd., and Sany Heavy Industry, have been selected as the world's "lighthouse" factories, making new progress in the high-end, digital, and intelligent development of the industry.

However, it should also be noted that in 2023, the external market pressure of the mechanical industry is superimposed with its own structural contradictions, and the industry's economic operation still faces difficulties and problems such as insufficient demand, fluctuations in the foreign trade market, and uneven internal development. Looking ahead to 2024, industry insiders believe that there are opportunities for the development of the mechanical industry