Key programs to boost machine tool makers

Expected rapid growth brought by stimulus to spur domestic demand

The expansion of the scope of large-scale equipment upgrades and consumer goods trade-in programs this year is expected to boost demand for machine tools, thanks to the rapid and effective implementation of the policies, the China Machine Tool and Tool Builders' Association said.

The rapid growth of sectors such as new energy vehicles, aerospace, shipbuilding, electrical appliances and artificial intelligence in China has also created new demand for the machine tool industry, according to the association.

"We are cautiously optimistic about the market demand for metal processing machine tools in China this year, and the overall operation of the machine tool industry is expected to be relatively stable," said Wang Xu, vice-chairman of the association.