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Cai Weici, Executive Vice-President of CMIF
Cai Weici, Executive Vice-President of CMIF
According to the latest news from the China Machinery Industry Federation (CMIF), the industry reached US$631.2 billion in foreign trade in 2011.

While this represented a growth of 22.84% from a year ago, the pace slowed down by 13.55 percentage points compared with the growth rate registered in 2010.

Cai Weici, Executive Vice-President of CMIF, said that in the beginning of 2011, the industry continued its high growth in imports from 2010, registering over US$25 billion in import value every month. During that period, however, exports were relatively low, leading to a trade deficit until June last year. Coming to the second half of 2011, exports became better and following a steady growth, a trade surplus of US$12.345 billion resulted for the full year 2011.

The Executive Vice-President revealed that in 2012, the Chinese machinery industry will strive to give a big boost to its proprietary development capabilities and market share in the high-end equipment sector. It will also work to enhance the energy efficiency of its products, achieving breakthroughs in critical basic parts, processes and materials, which have been hindering the development of the industry. In addition, the industry will shift its investment focus from expanding the production capacity of general machinery to cultivating innovation capabilities, added Mr Cai.
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