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The total output value of China's machinery sector reached 839.7 billion yuan (US$101 billion) in the first half of the year, up 21.38 percent over the same period last year, according to the China Machinery Industry Federation (CMIF).
Machinery sales reached 763.29 billion yuan (92 billion US dollars), up 20.39 percent. Machinery companies scored total profit of 36.42 billion yuan (4.3 billion US dollars), up 35.39 percent compared with the same period last year.
Vice director of CMIF Cai Weici said domestic demand provided good market opportunities for rapid development in the machinery sector. In the six months, fixed assets investment increased 21.5 percent, and large proportion of which was used to purchase machinery products.
The booming demand for cars and heavy trucks also boosted growth in the machinery sector.
The sector will maintain a good momentum in the second half of 2002, experts predict.
(Xinhua News Agency July 24, 2002)
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