After ending three years of strict pandemic restrictions, China saw its economy shake off the lingering effects of COVID and grow 4.5% in the first quarter of 2023, beating economists’ growth estimates as consumers went on a spending spree. The country’s rapid, smooth transition from severe restrictions to a significant relaxation has allowed production demand to stabilize and rebound, and market expectations have improved. China’s manufacturing PMI grew to 51.9 in March 2023, a 4.85% increase in the year-over-year comparison, but 1.33% below February’s 52.6.
The China International Machine Tool (CIMT) 2023 show held in April attracted 154,957 visitors, according to CMTBA’s report, an increase of 26.98% compared to CIMT 2021 and an 11.42% increase compared to CIMT 2019. The numbers recorded stood at an all-time high, showing strong demand for manufacturing technologies and a sustainable economic recovery.
AMT’s presence once again proved instrumental for member companies interested in accessing China’s market. The USA Pavilion featured 29 exhibitors and showcased a wide range of products. Some highlights of the USA Pavilion:
Digital technologies were showcased under the slogan “Digital Technologies, Accelerating Global Manufacturing.”
MTConnect Demo. A virtual facility for digital manufacturing displayed dashboards and data collected from machines made by five member companies (Hardinge, Hurco, Kennametal, Omega, and Sunnen) operating in different locations. The application showcase reinforced the relevance of MTConnect as a vital instrument for digital manufacturing, and many leads were generated during the show.
USA Pavilion exhibitors were pleased with the attendance and quality of visitors and reported making valuable sales leads, reinforcing the message that China’s market is back.
Some recently announced projects and investment news items are listed below:
Johnson and Johnson (Suzhou) Medical Equipment Co. will invest $138.94 million to expand their production capacity for orthopaedical products.
Shanghai Hurricane Compressor Co., Ltd. will invest $250 million to produce compressors. The annual output is around 100,000 units.
Fuwei Auto Parts Co., one of the subsidiaries of FAW, will invest $77 million to make automotive parts for Audi EVs.
Wanshsin Seikou (Hunan) Co. will invest $58 million to make high-precision gear motors. Plans are to expand production capacity to 500,000 units a year.
Hubei Ji Heng Chuang Technology Development Co. will invest $64 million to build production lines, including 25 sets of machines for making automotive parts.
BYD (Fuzhou) Industrial Co. in Jiangxi will invest $429 million to produce automotive parts for new EVs.
Fujian Fran Optics Co. will invest $35 million to manufacture automotive optical components, with an annual output of 4.5 million parts.
For more information, please contact Fred Qian at fredqian@AMTchina.org.
