China's machinery industry posted solid performance in 2020, and revenues and profits exceeded expectations, according to data from the All-China Federation of Machinery Industry.
According to the data, the added value of the engineering sector increased by 6% year on year, which is 2.6 pp. higher than the growth rate of the country's manufacturing industry.
Federation executive vice president Chen Bin said the sector's better-than-expected performance is partly due to China's positive fiscal policy.
The industry's value added is expected to grow by about 5.5% year-on-year in 2021, and its revenues and profits are expected to grow by 4%, Chen Bin said.
He also noted that this year the country will strive to achieve a balance between the import and export of cars.
Earlier it was reported that China's spending on basic research in 2020 almost doubled compared to 2015 and is likely to exceed 150 billion yuan in 2020.
It is believed that in 2020, the share of China's scientific and technological progress reached 60 percent, and the share of China's scientific literate population exceeded 10 percent.