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China Machinery Output Seen to Slow
The value of production gained 23.4 percent to 9.07 trillion yuan (US$1.3 trillion) in 2008 despite the impact of natural disasters and global financial crisis.
This marked the sixth consecutive year of more than 20 percent growth in the industry, said the federation's Vice Chairman Cai Weici as he reported on last year's industrial performance last Friday.
For the first 11 months last year, the industry made a profit of 460.5 billion yuan, up 16.42 percent from a year earlier, said Cai. But in the fourth quarter, especially December, the domestic industry suffered a steep drop in production and exports.
Despite the worst economic crisis in decades, China's machinery industry is expected to boost profit and exports by 10 percent in 2009, said Cai.
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