China makes historic achievements in equipment manufacture in past decade

New energy vehicles undergo tests in Jinhua, Zhejiang province. [Photo by Hu Xiaofei/For China Daily]

China has made historic achievements in equipment manufacture industry with continuous scale expansion, structure optimization and the built-up of key equipment with cutting-edge technologies, in the past decade, the China Securities Journal reported on Wednesday 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 105,100, up nearly 45.30 percent over 2012. Their total asset, operation revenue and total profit registered an increase of 92.97 percent, 47.76 percent, and 28.84 percent from 2012 respectively.

From the industrial structure perspective, enterprises in China raked 20 trillion yuan ($2.87 trillion) operation revenue in strategic emerging industries of equipment manufacture, up 18.58 percent in 2021 year-on-year. China's three major index for ship building have kept a leading position and its global market share maintained number one 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 ones 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 had made test flights, manned submersible Jiaolong had been sent in multiple deep-sea operations; icebreaker Xuelong 2 had set off Arctic expeditions; Hualong One nuclear reactor had entered commercial operation and was sold overseas.

In addition, China has foraged a manufacturing system, covering 22 major sorts of construction machinery, making itself one of the countries with most complete products categories and varieties. The domestic market satisfaction rate of construction machinery has 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 machineries are 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.