According to the National Bureau of Statistics of China, by the end of 2024, there were 132,000 enterprises of designated size (enterprises with an annual revenue of over $2.77 million) in the machinery industry. This accounted for 25.8% of the national industry, an increase of 11,000 or 0.8% year over year (YOY). The total assets of these enterprises reached $5.4 trillion, reflecting a YOY increase of 5.2%, which makes up 22.1% of the national industry, an increase of 0.6% YOY.
In 2024, the machinery industry’s fixed asset investment growth rate generally slowed from 12.5% in the first quarter to 9.3% for the first half of the year before dropping to 5.3% for the first three quarters. After falling to a low of 3.9% in October, the rate stabilized and rebounded. The annual growth rate for the year was 5.1%, which was 1.9% higher than the overall societal investment growth rate. However, this figure was lower than the growth rates for the industrial sector (12.1%) and the manufacturing sector (9.2%).
According to data from the China Machine Tool and Tools Builders’ Association, the total amount of imports and exports in China's machine tool industry in 2024 reached $31.88 billion, reflecting a slight overall decline of 0.3% YOY. Imports accounted for $10.16 billion, which saw a continuous decline of 8.6% YOY. In contrast, exports totaled $21.72 billion, showing a sustained growth of 4.2% YOY.
The cumulative imports of machine tools and tooling were as follows:
Metal-cutting machines totaled $4.83 billion, shrinking 6.03% of YOY. The top five types of machine tools imported were machining centers, special processing machines, grinding machines, gear-generating machines, and turning machines.
Core components totaled $1.4 billion, down 0.71%.
Cutting tools totaled $1.23 billion, down 3.15%.
CNC control systems totaled $890 million, plummeting 23.28%.
Abrasives totaled $720 million, up 18.03%.
Metal-forming machines accounted for $660 million, plummeting 30.53%.
Measurement and inspection devices accounted for $190 million, shrinking 13.64%.
A few recently announced projects and investment news items are listed below.
BYD will invest $115 million in the production of core components for EVs, including dual-E-driving systems and motors.
Zhejiang ODM Transmission Technology will invest $82.2 million to manufacture precision constant-speed propeller shafts with an annual capacity of 5 million units. The company plans to purchase production equipment for roller forming and CNC turning machines.
Zhejiang De Mei Suspension Technology will invest $164.38 million to build a new facility to manufacture lightweight aluminum precision control arm assemblies with an annual capacity of 12.5 million units. Vertical machining centers are among the major equipment the company has purchased.
Hubei Mei Lian Qiao Automotive Electronics will invest $68.5 million to produce valves, pumps, and heat controls for battery and hybrid EVs. The company is a Tier 1 supplier in China’s automotive industry, and its customers are both domestic and global.
Wuwei Fudi Battery, a BYD company located in Wuwei, will invest $143.85 million in the production and assembly lines for a new energy power battery pack. The planned annual capacity of the battery packs will reach 26.4 GWh.
For more information, please contact Fred Qian at fredqian@AMTchina.org
