The value of China's equipment manufacturing industry ranks the highest in the world, with a value of over 20 trillion yuan (about US$ 3.22 billion) last year, accounting for more than one third of the overall global value, China's deputy minister of Industry and Information Technology said.
The output of many types of equipment in China is the highest in the world. The output of power generating equipment reached 120 million kilowatts, accounting for about 60 percent of the world's total; shipbuilding reached 45.34 million, 41 percent of overall global output, automobiles reached 22.117 million, 25 percent of the global output and machine tools reached 959,000, 38 percent of global output .
China has made great strides in independent equipment manufacturing. Significant breakthroughs have been made in manned space flight, lunar exploration, and the Jiaolong manned deep-sea research submersible. The overall layout and research of large transport and passenger airplanes has made headway. Emerging equipment industries, including intelligent manufacturing, ocean engineering, advanced rail transportation and new energy automobiles, have witnessed significant development. The value of high-end equipment manufacturing industry has exceeded 10 percent of the entire equipment manufacturing industry.
Despite these achievements, China still lags behind in several aspects compared with developed countries, demonstrated in its weakness in independent innovation, insufficient basic support, imbalanced industrial structure and poor quality and efficiency. China's equipment industrial added value is currently 26 percent, six to eight percent lower than the average in developed countries.
