China's machinery manufacturing industry can provide complete
sets of large advanced equipment, including large gas turbines,
large pump storage groups, and nuclear power sets, ultra-high
voltage direct-current transmission and transformer equipment,
complete sets of large metallurgical, fertilizer and petro-chemical
equipment, urban light rail transport equipment, and new
papermaking and textile machinery. In 2004, exports of machinery
and transportation equipment (mainstay and leading performer in
China's export trade since 1996)? reached US$ 268.3 billion,
42.8 percent more than in 2003, a growth rate of 9 percentage
points higher than that of exports overall.
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In the 1990s, the automobile industry developed steadily as a key
sector, output nearly quadrupling from 514,000 in 1990 to 2.07
million in 2000. In 2004, output and sales volume of automobiles
each surpassed five million, of which 2.314 million being sedans,
and 2.327 million were sold. Automobiles, the high-class consumer
durable with the lowest rate of ownership, now show the fastest
retail growth rate of any commodity in China.?