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Slowdown signs - China machinery industry growth slows sharply in H1

Steel News - Published on Tue, 24 Jul 2012

Reuters quoted data from China\'s Machinery Industry Federation showed China machinery industry grew 9% in the first half of 2012 from a year earlier, slowing sharply from the 16.2% annual pace in 2011 as orders slackened.

Machinery industry accounts for nearly a fifth of China overall industrial output which rose 9.5% in June from a year ago and grew 10.5% in the first half of this year.

Mr Cai Weici vice president of the Federation said \"China\'s machinery industry faces the most severe situation this year following the global financial crisis in 2008.\"

He said that orders of major machinery companies slipped 0.95% in the first half of 2012 from the same year-ago period, a significant slowdown from average growth of more than 20% in recent years.

The federation\'s data showed about 16.4% of machinery firms were in the red in the first five months of 2012 up by 3.8% points from the same year-ago period. The federation still expects machinery firms\' combined profits to rise around 5% this year from 2011.

China annual economic growth cooled to 7.6% in April to June period, the weakest pace in more than three years, confirming a downward trend that leaves full-year growth on course for its softest showing since 1999.

Source - Reuters

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Posted By : admin on Tue, 24 Jul 2012
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