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• China’s GDP for 2023 was 5.2%, with sufficient industrial output to maintain its position as the world’s largest manufacturing hub for the 14th consecutive year. January’s PMI was 49.2, up slightly from December 2023, setting a positive note before the weeklong break for Chinese New Year starting Feb. 10. Happy Year of the Dragon!

• The China Association of Automobile Manufacturers (CAAM) released its 2023 final statistics. It was a record-breaking year with both production and sales exceeding 30 million units, a year-over-year growth of about 12%. Electric vehicle production and sales were about 9.5 million vehicles, or a 31% market share, with more than 35% YOY growth. CAAM is forecasting 3%-4% growth for the industry for 2024.

• According to the U.K.’s ASKCI Consulting, China imported 72,800 machine tools in 2023, a 20.5% reduction from 2022. Based on demand estimates, growth is expected for machine tool imports in 2024.

• According to the China Machine Tool & Tool Builders’ Association (CMTBA), the top imported machine tools are machining centers, special processing machines, grinding machines, turning machines, and gear machining equipment. Japan and Germany are the top two suppliers, at $1.87 billion and $1.42 billion respectively. The United States is seventh at $150 million.

A few recently announced projects and investments are listed below.

• China’s Geely Group will invest $340 million in its subsidiary Taizhou Binhai Engine Co. in Zhejiang to build production lines for 2.0-liter, turbocharged, direct-injected engines. Annual output is expected to be 400,000 units.

• China’s BYD (Hengyang) Co. is investing $52 million in Hunan to produce EV drive-motor rotor kits. Annual output is expected to be 2.4 million kits.

• Japan’s Kawasaki (Shunde) Automotive Parts Co. is investing $139 million in Guangdong to produce plastic parts with a total annual output of 9.5 million pieces.

• Hydraulic Sci & Tech Co., part of China’s Shandong Energy Equipment Group, is investing $57 million to produce high-pressure hydraulic cylinders in Shandong.

• China’s Nantong Nuobote Robot Manufacturing Company Ltd. is investing $28 million in Jiangxi to manufacture customized automatic production lines utilizing robots and high-performance vacuum pumps.

• China’s Zhenhong Heavy-Duty Industry (Jiangsu) Co. is investing $30 million in Jiangsu to manufacture generator rotors for wind turbines.

• Anhui Keda Hydraulic ¶¼ÁéÌåÓýÖ±²¥ Co., part of China’s KEDA Industrial Group, is investing $41 million in Anhui to build production facilities for the manufacturing of high-pressure plunger pumps.

For more information, please contact Fred Qian at fredqian@AMTchina.org.