This year, the endogenous adaptability of China's machinery industry will gradually strengthen, and the entire industry is expected to maintain double-digit growth, with export growth reaching approximately 8%.

In 2013, China's machinery industry halted the downward trend seen in the previous two consecutive years and achieved moderate-speed growth. In the process of advancing toward becoming a "manufacturing powerhouse," its development momentum has shifted from being supported by growth in product output to being driven by product upgrades and innovative services.

Reporters learned from the China Machinery Industry Federation on the 28th that in the first 5 months of 2014, the economic operation of China's machinery industry as a whole made steady progress. The industrial value-added of the entire industry grew by eleven percent, with various key indicators significantly higher than the national industrial average. Meanwhile, in the first 5 months, China's machinery industry also faced several problems, such as weak demand, persistently low prices, and intensified competition.

It is worth noting that the divergence among major sub-sectors of China's machinery industry intensified in the first half of this year, and this trend is expected to continue in the future. In addition, downward pressure on the entire industry remains, with issues in the construction machinery and agricultural machinery sectors being particularly prominent.

In summary, China's machinery industry is currently shouldering the important mission of transformation and upgrading. The internal and external environment remains complex and volatile, and the industry's economic operation continues to face numerous difficulties.

A relevant official from the China Machinery Industry Federation pointed out that if China's machinery industry is to escape its predicament, it must quickly abandon the competitive model of relying solely on extensive expansion and price cuts to compete for "scale benefits." Furthermore, continuous innovation in products, services, and business models is required.

Looking at the full year, overall demand in China's machinery industry will remain weak, and industry development will maintain a stable main tone.

Industry insiders stated that the central and local governments' efforts to stabilize growth are showing results, and the macroeconomic situation is expected to further improve in the second half of the year, providing strong support for China's machinery industry.