China's machine tool industry shows a steady recovery in Jan-Aug 2023

On October 13, according to the data of China Machine Tool & Tool Builders' Association and the National Bureau of Statistics, the main economic indicators of China's machine tool industry from January to August showed a steady recovery. Although production has continued to decline, the number of orders has steadily increased. According to statistics, new orders for metal processing machine tools increased by 0.5% year-on-year, and orders on hand increased by 10% year-on-year from January to August. With the arrival of the replacement cycle for machine tools, it is expected that the demand for downstream machine tools will continue to increase in the future, and the machine tool industry will continue to recover.