China makes historic achievements in equipment manufacture in past decade

China has made historic achievements in the equipment manufacture industry with continuous scale expansion, structure optimization and the build-up of key equipment with cutting-edge technologies, in the past decade, the China Securities Journal reported on Sept 7, quoting Wang Weiming, an official from the Ministry of Industry and Information Technology.

In terms of scale, China saw a yearly average increase of 8.2 percent in the added value of the equipment manufacture industry, maintaining a medium-high growth from 2012 to 2021. By the end of 2021, the number of above designated sized enterprises in the equipment manufacture industry was recorded at 105,100, up nearly 45.30 percent from 2012. Their total assets, operation revenue and total profits registered an increase of 92.97 percent, 47.76 percent, and 28.84 percent, respectively.

From an industrial structure perspective, enterprises in China raked in 20 trillion yuan ($2.87 trillion) in operating revenue in strategic emerging industries of equipment manufacture, up 18.58 percent year-on-year. China's three major indexes for ship-building have kept a leading position, and its global market share has maintained its number one spot for 12 consecutive years. The country's car ownership rose from 120 million in 2012 to 310 million in 2021, with shipments of new energy cars topping the world for seven straight years.

In the past decade, China has achieved breakthroughs in manufacturing key equipment with cutting-edge technologies: the narrow-body passenger plane C919 made test flights, manned submersible Jiaolong was sent on multiple deep-sea operations; icebreaker Xuelong 2 set off on Arctic expeditions; Hualong One nuclear reactor began commercial operations and was sold overseas.

In addition, China has forged a manufacturing system, covering 22 major kinds of construction machinery, becoming one of the countries with the most complete product categories and varieties. The domestic market satisfaction rate of construction machinery increased from less than 90 percent in 2012 to over 96 percent at present. Output of excavators, lifters and loading machines takes the crown in the world. China-made construction machinery is sold in more than 210 countries and regions. In 2021, the total foreign trade volume of construction machinery reached $37.75 billion, with a trade surplus of $30.3 billion.