China’s machinery industry achieved steady revenue and profit growth in 2023 despite some difficulties. The industry’s revenues reached 29.8 trillion yuan (about 4.19 trillion US dollars) last year, up 6.8 percent from a year earlier, while its profits rose 4.1 percent from a year earlier to about 1.8 trillion yuan, according to data from the China Machinery Industry Federation. By the end of 2023, the number of machinery enterprises above the designated size reached 121,000, up 10,000 from a year earlier. The total assets of large machinery enterprises amounted to 36 trillion yuan, up 9.9 percent from the previous year. Enterprises above the designated size include those with an annual main business revenue of 20 million yuan or more.
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