The Rapid Growth Period of China's Machine Tool Industry (2001-2011)

From 2001 to 2011, driven by China's rapid economic growth, the output value of the machine tool industry increased tenfold in 10 years, profits increased 22 times, with a compound annual growth rate of 24.8% and 33.2%, respectively. In 2011, the domestic metal working machine output value reached 28.3 billion U.S. dollars (of which 19.8 billion gold cutting machine tools, forming machine tools 9.3 billion). Production of gold-cut machine tools increased from 177,000 units in 2000 to 887,000 units in 2011. China has become the largest consumer of machine tools (2003) and the first manufacturing country (2009), and the total consumption and output of machine tools account for about 1/3 and 1/4 of the world, respectively.

At the same time of the expansion of production and demand, domestic CNC machine tool technology has been popularized. By 2016, the output of the machine tool industry and the numerical control rate of machine tool consumption both reached about 80%, which is a major achievement of the industry. Among them, the state to the NUMERICAL control machine tool products to implement the vat on value-added tax first and then return policy (1999-2008) played an important role.