CONF: China's machinery sector growth to reach 5% in '23

The major performance indicators in China's machinery manufacturing sector suggest that in 2023 growth should be around 5% on year, based on the premise that no significant declines are seen in the international market and COVID-19 situation is well controlled across the country, Luo Junjie, executive vice president of the China Machinery Industry Federation predicted at Mysteel's annual conference in Shanghai on December 30.

Luo told delegates that operations among member firms of the country's machinery industry for full-year 2022 could be summarized as: "the situation is getting better, while the pressure is increasing due to the COVID-induced impact." Last year, growth in industrial added value and operating revenue of the country's machinery makers