BEIJING: China’s machinery industry performed well in the first half of the year (H1), while its intelligent and green initiatives gained traction, the China Machinery Industry Federation (CMIF) said on Wednesday.
In the first six months, essential products such as automobiles and electrical equipment grew at a rapid pace, according to the federation.
During the period, the automotive industry’s added value increased by 9.8 percent year on year. Meanwhile, the CMIF reported an increase in production of around 61.5 percent of the 122 kinds of mechanical products monitored by the federation.
The country’s machinery industry saw new momentum, including new energy vehicles (NEVs) and industrial robots. During the period, the production and sales of NEVs grew by 30.1 percent and 32 percent from a year earlier, respectively, while the industrial robots output increased by 9.6 percent.
In addition, the CMIF said that the installed capacity of green energy power generation accounted for about 85 percent of the country’s total of newly added installed capacity in the first six months.
Focusing on key links and weak points in the industrial chain and supply chain, the industry has accelerated the research and development (R&D) of core technologies and equipment in recent years, said Luo Junjie, executive vice president of the federation.
A number of independent R&D achievements emerged in concentration in the first half of the year, further enhancing the resilience and security level of the industrial chain and supply chain, Luo added.
China’s shipbuilding industry saw significant growth in the first half of this year, reinforcing its global leading position, according to data released Tuesday by the Ministry of Industry and Information Technology (MIIT).
From January to June, China completed shipbuilding projects totaling 25.02 million deadweight tonnes (DWT), an increase of 18.4 percent compared to the same period last year. New orders surged to 54.22 million DWT, reflecting a remarkable year-on-year growth of 43.9 percent.
By the end of June, the order book stood at 171.55 million DWT, up 38.6 percent from the previous year.
The MIIT’s data also demonstrates China’s dominant position in the global shipbuilding market. In the first half of this year, the country’s shipbuilding completions, new orders, and order book as measured by DWT accounted for 55 percent, 74.7 percent and 58.9 percent of the global totals, respectively.
In 2023, the three key market indicators stood at 50.2 percent, 66.6 percent and 55 percent, respectively.
Despite the uncertain global economic outlook and the impact of trade protectionism and de-globalization on the shipbuilding industry, China’s economy remains resilient, and the recovery trend in maritime trade continues, said Cao Bo, deputy director of the statistical information department of the China Association of the National Shipbuilding Industry (CANSI).
“In June this year, as the shipbuilding industry continued to recover, the new ship price index climbed to 187.23, an increase of 9.5 percent year on year, reaching its highest level since September 2008,” Cao added.
According to CANSI’s statistics, the main business income of China’s large-scale shipbuilding enterprises increased by 31.5 percent year on year in the first quarter of this year.
The shipping industry is a critical pillar of global economic development and serves as a barometer of China’s macroeconomic health. This year, several of China’s ports have shown continuous growth in throughput.
For instance, from January to June, Ningbo-Zhoushan Port, the world’s busiest port in terms of cargo throughput, handled 708 million tonnes of cargo, a 4.2 percent year-on-year increase, and 19.17 million twenty-foot equivalent units (TEUs) of containers, up by 8.4 percent. Guangzhou Port is estimated to have processed 12.21 million TEUs, representing a 6.3 percent growth.
Wu Chungeng, chief planner with the Ministry of Transport, noted that in 2023, China’s waterway cargo transport volume remained the highest in the world and continued to grow steadily in the first half of this year.
“Maritime transport handles about 95 percent of China’s foreign trade cargo,” Wu said at a recent forum. “China’s international shipping volume now accounts for nearly one-third of the global total, further highlighting its role as a ballast in international shipping.”