Machinery production in China up 7 percent
Posted on: Tuesday, 28 July 2009, 14:10 CDT
The machinery industry in China grew more than 7 percent in the first six months of 2009, the China Machinery Industry Federation said Tuesday.
The growth rate, while enviable for many countries, was the slowest in China for the past seven years.
The industry experienced a sharp recovery, having contracted 2.9 percent in January and February, Xinhua reported.
In June, the industry clocked a growth rate of 11.65 percent compared to a year ago, the Federation said.
Federation Chairman Cai Weici said China's fiscal stimulus spending would add to growth this year in spite of softening foreign demand.
In the first half of the year, Chinese machinery exports fell 24.11 percent to $89.15 billion.
Source: United Press International
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