In 2017, the Chinese machinery industry achieved impressive results. Total industry profits reached 1.71 trillion yuan, reflecting a year-on-year growth of 10.74%. The total value of annual imports and exports reached 712.3 billion U.S. dollars, marking an increase of 10.01% compared to the previous year. Out of the 64 key products monitored by the association, 73.4% showed year-on-year growth in output. These figures highlight the strong performance of the sector during the year.
In 2018, the industry is expected to focus on addressing the main contradictions related to unbalanced and inadequate development. According to Chen Bin, Executive Vice President of the China Machinery Industry Union, the industry must embrace innovation-driven development and prioritize supply-side structural reforms to embark on a new journey toward high-quality growth. This vision was shared in an interview with reporters from the Economic Daily.
The overall development situation in 2017 exceeded expectations. The machinery industry maintained stable operations, improved efficiency, and saw a rebound in exports. Market confidence gradually strengthened, and major economic indicators surpassed initial projections. Key product outputs demonstrated strong momentum, particularly in sectors linked to consumer demand, environmental protection, civil needs, smart manufacturing, and industrial upgrading. The industry's economic performance continued to improve in terms of quality and efficiency.
Compared to 2016, when growth was mainly driven by the automotive and electrical industries, 2017 saw broader growth across sub-sectors. General industrial equipment manufacturing, special equipment manufacturing, electrical machinery and equipment manufacturing, and automobile manufacturing all recorded growth of over 10.5% for the year.
According to Zuo Shiquan, Director of the Equipment Industry Institute at CCID Research Institute, the demand for smart manufacturing among manufacturing companies has been rising rapidly. With national policy guidance, the construction of digital workshops and smart factories is in high demand. Automation and digital machinery have created a large market for the machinery industry. Companies are actively applying new technologies to meet the evolving needs of smart manufacturing, which has led to significant growth.
Zuo also pointed out that emerging technologies such as new energy, new materials, and biotechnology are continuously evolving, giving rise to new industries like high-performance metallurgical materials, inorganic materials, new chemical materials, and lithium-ion batteries. These innovations bring new demands for the machinery industry, pushing it to adapt and develop further.
Wang Ruixiang, President of the China Federation of Machinery Industry, highlighted the growing strength of the industry. Leading economic indicators have taken a prominent position within the national industrial share, with main business income exceeding 20 trillion yuan for four consecutive years. These indicators account for nearly a quarter of the country’s industrial output. Important industries have formed a relatively complete system, with a wide range of products and competitive advantages becoming increasingly significant in national economic development.
Despite these achievements, challenges remain. Chen Bin noted that the imbalance between high-end product supply and low-end oversupply has not fundamentally changed. Issues with underdeveloped special equipment and
other weaknesses remain prominent. For example, while China is the world’s largest producer and consumer of metal processing machine tools, it is also the largest importer of such equipment.
Although China’s manufacturing output accounts for 25% of the global total—ranking first worldwide—the industry as a whole remains at the lower end of the industrial and value chains. Annually, China imports over $270 billion in mechanical products, mostly high-end equipment and technology.
Wang Ruixiang emphasized that the problem of being "big but not strong" is still evident. Unbalanced development manifests in uneven production capacity, product variety, international expansion, and competitiveness. Insufficient investment in science and technology, limited progress in "intelligentization, integration, greenification," and weak innovation in service-oriented models are key challenges.
To address these issues, the industry aims to accelerate its transition to high-quality development. Wang Ruixiang stated that solving the problem of imbalance is crucial for entering the next stage of development. The Ministry of Industry and Information Technology encourages the industry to speed up digitization, networking, and intelligent transformation, shifting from high-speed to high-quality growth.
Zuo Shiquan emphasized that digitalization, networking, and intelligent manufacturing are key trends in the future of the industry. Through smart manufacturing, production efficiency can be significantly improved, product failure rates reduced, and development cycles shortened. This approach helps better respond to market changes and supports the advancement of high-quality manufacturing.
However, he noted that achieving this transformation is a long-term and complex process. Corporate leaders must strengthen their awareness of smart manufacturing, develop strategic plans, and create clear roadmaps. Enterprises should base their efforts on their own realities, implement gradual and practical strategies, and ensure that digitalization and intelligent development align with business performance. Additionally, companies should focus on improving management systems and integrating smart products, production, and services to drive innovation in manufacturing methods.
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