In 2016, the total production value of the mechanical component industry was CNY 361 billion, a YOY increase of 0.5%. The economic volumes of gears, fasteners, springs and power connectors were all equal to or slightly increased from the level of the previous year. The production value of chains and powder grew at a pace between 2% and 4%. The total value of import and export was USD 30.862 billion, slightly up by 1% YOY.
Total import value was USD 18.432 billion, increasing by 6.87% YOY; total export value was USD 12.43 billion, decreasing by 6.64% YOY. The export value of gears, the leader in the export of the industry, was USD 5.481 billion, decreasing by 7.78% YOY; that of fasteners was USD 4.722 billion, decreasing by 4.14% YOY.
In 2016, the global economy recovery was still weak. In China, structural reform was conducted in the equipment manufacturing industry and investment in the mechanics industry was slow. As a result, mechanical component manufacturers were confronted with difficulties receiving orders and exporting their products. The next few years will see a new phrase of technology revolution and industry revolution featured by the integration of information telecommunications and manufacturing. China will step up efforts in integrating industry with information to push forward the transformation of the manufacturing industry.