Machinery industry forecasts continued growth

BEIJING - China's machinery industry expects to maintain steady growth this year, according to Cai Weici, vice-president of the China Machinery Industry Federation.

The industry's revenue is expected to increase by about 18 percent over 2011, Cai said at a recent event to launch the 11th China International Machine Tool & Tools Exhibition, which will run from June 12-16.

Cai predicted that profits will increase by about 12 percent and foreign trade volume by about 15 percent.

The exhibition will be held at Beijing's New China International Exhibition Center and will showcase cutting-edge machine tools and equipment.