China machinery sector growth to stabilize at 5.5% in ’21
Feb 25, 2021 16:00
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Growth in China’s industrial machinery sector in 2021 is expected to ease slightly to around 5.5%, as against the 6% on-year rise seen in 2020, but the outlook for the sector remains positive, according to a February 24 release from China’s Machinery Industry Federation (CMIF).
“This year is the first year of the fourteenth Five-year Plan spanning 2021-2025, so some major projects and programs will be initiated,” the report predicted, indicating that demand from infrastructure would further prop up demand for machinery and heavy equipment.
However, the CMIF also warned of the difficulties the industry is