China's machinery industry posts steady revenue, profit growth

China's machinery industry posted steady revenue and profit growth in 2023 despite some challenges, data from the China Machinery Industry Federation showed.

This was reported by The Xinhua News Agency.

The industry's revenues grew 6.8 percent year on year to 29.8 trillion yuan (about 4.19 trillion U.S. dollars) last year, while profits rose 4.1 percent from a year ago to around 1.8 trillion yuan, according to the federation.

By the end of 2023, the number of machinery enterprises above the designated size was 121,000, an increase of 10,000 over the previous year.

Total assets of the major machinery enterprises hit 36 trillion yuan, up 9.9 percent year on year.

Enterprises above the designated size refer to those with annual main business revenue of 20 million yuan or more.