The Chinese government has been encouraging the manufacture of mechanical and electronic products to improve domestic productivity and to increase the value of Chinese exports. Bearings are basic components in a variety of machinery and motors, consequently, the China bearing manufacturing market is one of the most rapidly growing segments of China's manufacturing sector.
Following strong industry growth since 2004, industry revenue growth slowed considerably in 2009 to 11.8% for the year. The weaker performance in 2009 was mainly due to the global recession and sharply decreasing foreign demand. However, some positive factors, such as the Shanghai Expo in 2010, the construction of the South-to-North Water Diversion project, West-to-East Electric Power Transmission project and West-to-East Gas Transmission project, helped maintain industry growth. Industry revenue rebounded strongly by 21.8% in 2010 to $26.9 billion.
In 2011 and 2012, industry revenue totalled $31.3 billion and $36.6 billion, respectively, with a solid growth rate of 16.7% and 16.8%. In 2013, the adjustment of Chinese economy is expected to make industry revenue growth slow to 10%. Over the five years, the annual growth rate is expected to be 15.3%.
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