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| Chinese machine tool companies including Shenyang Machine Tool Co Ltd (SMTCL) and Dalian Machine Tool Group (DMTG) have grown to be strong competitors over the past 10 years |
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On December 11, 2001, China became a member of the World Trade Organization (WTO) after 15 years of negotiation, posting a big uncertainty on the Chinese machinery industry at that time. Now, a decade had passed and it proved to be a fruitful 10 years for China in the course of becoming a large and strong machinery manufacturing country.
The 10 years after China's accession to the WTO was a decade of golden development for the Chinese machinery industry. Let figures speak: The number of above-scale enterprises in the industry rose from 33,600 to 105,000, and the industry's gross asset value increased from RMB1.96 trillion to RMB10.4 trillion, representing increases of 213% and 431% respectively. The value added of the industry escalated by 916% from RMB368 billion to RMB 3,740 billion. In addition, the industry's share in China's GDP elevated from 3.7% to 9.32%.
During these 10 years, the China machinery industry has also grown in strength. The industry's size of production and sales has become the world's largest since 2008. A number of conglomerates have gained strong international competitiveness, and four of them have been among the world's top 500. In each of the sub-industries, there is at least one Chinese company among the world's top five. Also, Chinese machinery products are gaining in international reputation, and some of them are international first-class products. In addition, following increasing investment in R&D, manpower and resources, the industry has reached a relatively higher level in technology innovation and proprietarily developed advanced technology and high-end equipment of the world's first class. Some industries and products, which were lagging behind previously, have soared to take leading positions. Furthermore, China has earned international discourse rights in the machinery industry.
Meanwhile, the Chinese machinery industry has largely developed in proprietary innovation capabilities. In the 10 years after China's accession to the WTO, a total of 2,492 items were recognized the China Machinery Industry Science and Technology Award. Some high-end equipment has been leading globally. The machinery industry has gained in status and served greater functions. A large number of machinery products, including agricultural machinery, motorcycles, internal combustion engines, loading machines, truck cranes and bearings, have been world leaders in terms of output volume. China's output of electricity generators have been around 50% of the world's total. In 2009, the country topped the world in the value of output of CNC machine tools, which reached US$15.3 billion.
As far as foreign trade is concerned, the Chinese machinery industry also entered a new stage in the past decade. The foreign trading size increased by 4.8 times. Also, exports of high-end products were on great rise, while processing trade saw a drop in its share in the national total. It indicates a change in the relationship between the Chinese machinery industry and those in developed countries, following the increase in strength in the Chinese machinery industry.
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