Analysis of China's machine tool market and industry development situation

[Editor's note] This article is the report of Mao Jufeng, executive vice president of China Machine Tool Industry Association, held on January 7th at the 7th meeting of the 7th China Machine Tool Industry Association. The full text is as follows.
2016 is the first year of the "Thirteenth Five-Year Plan" and the third year since the Chinese economy entered the new normal. In the context of the weak international economic recovery and the transformation of domestic economic kinetic energy, the pace of transformation and upgrading of China's economic, industrial and machine tool consumption market is accelerating, and China's machine tool industry is facing an unprecedented new environment and new problems. How to judge the current economic trends, market situation, industrial environment, industrial development status and direction is a problem that the industry has always been concerned about. From the perspective of considering the industrial development strategy, the association will form the "China Machine Tool Market and Industrial Development Situation Analysis" based on statistical information on economic, industrial and import and export, especially on the basis of in-depth analysis of industry statistical operation data in recent years. Report for your industry colleagues to refer to. This report is divided into five parts, namely, the industrial development environment, industrial operation status, favorable factors of industrial development, outstanding problems of industrial development, response and prospects. The following will report to you one by one.

I. Industrial Development Environment The environment facing the development of China's machine tool industry has two aspects, namely the economic environment and the market environment. The environment of these two aspects can be subdivided into four parts: China's macroeconomic environment, China's industrial situation, international market environment and domestic market environment.
1. China's macro economy
First, we will introduce the situation related to China's macro economy and machine tool industry. The relationship between China's gross domestic product (GDP) and money supply in 2006-2016 has shown three distinct characteristics. which is,
The economic growth rate slowed down, and the GDP growth rate dropped from the high-speed growth of 14.2% in 2007 to the medium-speed growth of 6.7% in the first three quarters of 2016;
Inflationary pressures continue to increase. In the first three quarters of 2016, the money supply (M2) was 4.3 times that of the full year of 2006, reaching 152 trillion yuan;
The marginal effect of investment on GDP is weakening. The ratio of money supply to GDP in 2006 was 1.6:1, which has surged to 2.9:1 in the first three quarters of 2016.
As the potential risks of economic operation still exist, the marginal effect of investment on GDP is greatly weakened. In the future, the key tasks of supply-side structural reform will be further promoted, especially the “de-capacity” and “de-leverage” key tasks. It indicates that the future macro economy will be in a big cycle of tightening and adjustment. As the investment-driven machine tool industry, the operation and development of the industry will continue to face the downward pressure on the market.
Judging from the changes in the composition of final consumption, capital formation and net exports, the gross domestic product of expenditure in France [see explanation of terms] can also confirm the above judgment. From the overall trend, the growth rate of the three major components in the past decade has generally declined. The growth rate of capital formation has dropped from 24.7% in 2007 to 2.4% in 2015; the final consumption growth rate has dropped from 18.7% in 2007 to In 2015, the net export growth rate dropped from 63.1% at the peak of 2006 to 4.4% in 2015. Due to the difference in the proportion of GDP and the impact of the economy, the three major changes in the recent trend of differentiation, the proportion of final consumption continues to increase, the growth rate has stabilized; the proportion of capital formation has gradually declined with the growth rate significantly down; The proportion of net exports is not large, and the growth rate shows a large fluctuation.
Analysis of the composition of final consumption and capital formation can reveal new changes in the Chinese economy in the near future. First, the composition of final consumption in 2006-2015 shows that urban residents and the government are the main consumers of consumption. In 2015, the proportion of the two reached 57.2% and 26.4% respectively. On the other hand, the growth rate of government consumption began in 2013. The trend of consumption growth of urban residents and rural residents is obviously different, and the former shows a significant change process of “first drop and then rise”. Secondly, the growth rate of fixed asset investment in the whole society dropped from 30.5% in 2009 to 8.3% in January-November 2016. However, it is particularly important to note that from January to November this year, although the growth rate of fixed asset investment in the whole society has declined. Slowing down, but the growth rate of investment in the two segments of manufacturing and equipment tools still showed a significant decline, only 3.6% and 1.4% respectively. The above data indicates that the market procurement of machine tool products is still greatly weakened.
2. Industrial situation
Judging from the changes in the growth rate of industrial added value in the major industrial segments in the past three years, it can be roughly divided into three stages. which is,
In the slow down phase (2014), the growth rate of industrial added value in major segments other than steel is higher than the industrial average (about 8.3-8.8%), showing a slow decline trend;
During the steep down phase (January to September 2015), the growth rate of industrial added value in the country fell to a range of about 6.3%, and the growth rate of the general equipment manufacturing industry in which the machine tool industry is located fell from around 10% in 2014. Up to 4% or less;
At the stage of state differentiation (October 2015 to November 2016), although the growth rate of industrial added value in the country is stable at around 6.0%, the growth rate of major sub-sectors is clearly differentiated. With the support of the purchase tax preferential policy, the automobile has gone against the trend; steel and railways have continued to decline due to the investment cycle; general equipment, electrical machinery and metal products have rebounded slightly due to the growth of real estate; the early booming communication electronics manufacturing industry Production capacity tends to be saturated and shows a significant decline.
Based on the above situation, the current economic kinetic energy is fading, the new kinetic energy is not large and unstable, and the conversion of old and new kinetic energy has not been completed. While economic stimulus policies bring about a surge in short-term demand, they will also overdraw the future market and are not conducive to the long-term sustainable development of the market.
3. International machine tool consumption market situation
According to the survey and forecast data of the Oxford Economic Research Institute, the international machine tool consumption will rebound moderately after reaching a recent low in 2016. In 2015, the top eight international machine tool consumption market rankings were China, the United States, Germany, Japan, Italy, India, Brazil and France (37%, 10%, 9%, 8%, 4%, 2 respectively). %, 1% and 1%). Regionally, Asia, Europe and North America accounted for the top three (59%, 25% and 15% respectively).
Similar to the international machine tool consumption, the investment in major international industrial sectors will also recover moderately after 2016. In 2015, the investment in major industrial fields, electrical engineering, automotive, metal materials, general machinery, metal products, special-purpose machinery, precision and optical instruments, aerospace investment ratio were 24%, 17%, 16%, 12 %, 12%, 12%, 5%, and 2%.
4. Domestic machine tool consumption market situation
From January to November 2016, the top ten fixed assets investment in the main segments of China's manufacturing industry were: non-metallic mineral products, chemical raw materials, general equipment, electrical machinery, automobiles, special equipment, and agricultural and sideline food processing. , computer/communication electronics, metal products, rubber and plastic products, and the rankings from January to December 2015 have not changed. Comparing the distribution of investment amount and growth rate, we can see that the traditional field is still the main body of investment, and the investment in emerging manufacturing industry is still far from the traditional field. Second, the growth rate of investment in traditional fields is generally declining or even negative. .
In 2016, the trend of consumption in the main segments of China's machine tool market is still down, but the decline has narrowed.
Metal cutting machine tool consumption is expected to decline slightly, about US$ 16.2 billion, down 5.3% year-on-year; the top three imported goods are processing centers (US$2.51 billion, down 17.6% year-on-year), and grinding machines (US$950 million, down 2.7% year-on-year) ) and special processing machine tools ($760 million, down 14.1% year-on-year).
The consumption of metal forming machine tools is expected to decline slightly, about US$10.1 billion, down 2.9% year-on-year; the top three imported goods are forging or stamping machine tools (US$400 million, down 2.4% year-on-year) and other forming presses (190 million) The US dollar, down 5.3% year-on-year, and the punch ($190 million, down 15.7% year-on-year).
The consumption of tooling is expected to decline significantly, about US$4.1 billion, down 8.9% year-on-year; the top three imported goods are cemented carbide inserts (US$520 million, up 7.9% year-on-year) and milling cutters (US$180 million, year-on-year). Down 0.4%) and ordinary drills ($150 million, down 2.8% year-on-year).
The trend of international technology development is also an important part of the research on market development trend. It can meet the development trend of international industry and track the development of cutting-edge technology to realize the strategic goal of transforming and upgrading the machine tool industry and opening up new markets. From the recent development of EMO, IMTS, CIMT and JIMTOF and other internationally renowned machine tools exhibitions, the development trend of the technology and the application of the latest research results can summarize the following technical development trends.
Optimizing resource allocation and improving efficiency are the core objectives of international technology development. The population of major international economies is aging, the labor gap is expanding; the international economic recovery is weak, and the changes in factor prices and supply and demand have prompted the restructuring of the global industrial chain; In terms of efficiency.
Machining centers and composite machine tools are more intelligent and efficient, and the core technology is modularized and functionalized. Five-axis linkage machining technology and composite machining technology have matured, and the combination and expansion of product lines can be freely realized through modularization and functionalization. It not only reduces the application threshold and cost of five-axis and composite machining technology, but also greatly enhances the ability to quickly form an optimal solution for manufacturing needs.
Gear processing technology is developing in the direction of manufacturing system, and manufacturing ecology is becoming more complete. Gear processing technology is developing into a systematic manufacturing system covering machine tools, measuring instruments, manufacturing control software, tooling and cutting tools to realize an integrated solution; The upstream and downstream connections are more closely integrated and integrated, achieving an optimal configuration under the goal of achieving gear limit manufacturing accuracy, similar to an ecosystem.
In the pursuit of the ultimate, grinding technology integrates more intelligent, efficient and complex processing technology. In recent years, international grinding technology research and engineering applications are constantly pursuing the largest, smallest and finest limit manufacturing, Expanding in the direction of intelligence, efficiency and compound processing. It is not only a new demand put forward by the application field, but also a new revolution in manufacturing technology caused by the convergence of emerging technologies.
The ultimate manufacturing capacity of heavy-duty and ultra-heavy-duty machine tools is still the ultimate manufacturing capability of industrial heavy-duty heavy and super-heavy machine tools. In the high-end applications such as aerospace, defense industry and energy equipment, it is still the "treasure of the town" in industrial developed countries. And industrial heavy equipment. Without these manufacturing equipment and means, core parts cannot be created, and they must be subject to people, reflecting the irreplaceability of this technology and products.
Special processing and manufacturing technology expands rapidly with the rise of emerging manufacturing requirements Special processing technology and machine tools have always been the representative and vane of cutting-edge technology in the field of manufacturing technology. Driven by the emerging manufacturing demand, the technology represented by laser additive manufacturing has become a new hot spot in the near future, expanding the new direction of the development of special processing technology.
Metal forming machine tools track changes in market demand, and constantly break through the limits of efficiency and precision. Generally improve the level of automation, automatic compensation, automatic support, automatic clamping, automatic replacement of molds, automatic loading and unloading and other functions began to be widely used. While continuously improving the processing accuracy, it achieves energy saving and environmental protection.
CNC control and measurement technology to embrace "Industry 4.0"
The most closely related technologies and product areas related to "Industry 4.0" are numerical control and measurement technology, which is the frontier and leading field of "Industry 4.0" research. In recent years, it has clearly felt that the field of numerical control and measurement technology is increasing the research strength of “Industry 4.0”, and the related application results are also constantly enriched, matured and gradually formed into a system.
Industrial robots and advanced manufacturing systems are deeply integrated. Advanced manufacturing systems are increasingly characterized by automation, flexibility and intelligence. The demand for less humanized and unmanned manufacturing is increasing. The industrial robots born to replace artificial labor are naturally advanced. Applications in manufacturing systems are more general and in-depth, and the form is more abundant.
Cutting tools and machine tool components Adapt to the advanced manufacturing requirements in the context of automation, flexibility and intelligence. Cutting tools and machine tool components are the most basic unit technology for function and performance of machine tools and manufacturing systems. Their own development, automation and flexibility And the development of intelligent manufacturing needs to form a mutual influence, mutual support, and mutual promotion, and more and more inseparable. Without the mature cutting tools and machine tool components that meet the needs of advanced manufacturing, it is impossible to realize the leap of the machine tool industry from “Industry 2.0” and “Industry 3.0” to “Industry 4.0”.
Auxiliary software becomes the transmission of manufacturing system performance Design and manufacturing auxiliary software is an integral part of today's manufacturing systems. From the development history of design and manufacturing auxiliary software (CAD, CAE, CAM), it is often accompanied by the continuous improvement of new processes, new methods and new models. From CAD design to CAM integration, from 2D to 3D modeling to 3D simulation and CAM, from 5-axis machining to composite machining to 3D printing. It can be said that the mid-to-high-end machine tools are almost inseparable if they leave the design and manufacturing auxiliary software.

Second, the industrial operation
1. China's machine tool industry boom index
Since 2014, the Association has carried out a questionnaire survey of business leaders in the industry's key enterprises, and has received strong support from industry companies. Through the combing, statistics and analysis of the feedback questionnaire, the prosperity index and related analysis results of the Chinese machine tool industry were formed for reference by enterprises, and positive results were received. This year, the Association once again issued questionnaires to the top 30 enterprises in the industry, the leading companies in the typical field, and the key enterprises in the industry statistics. The survey sample composition is more optimized. The questionnaire returned 93 copies, and the sample companies have a certain representativeness in the industrial distribution and structure (see the sample enterprise distribution structure for details).
******************* Sample enterprise distribution structure **********************
Classified by region, 63 enterprises in the eastern region (the enterprise size 47.9 billion yuan), accounting for 67.7%; 18 enterprises in the central enterprises (enterprise scale 8.7 billion yuan), accounting for 19.4%; 12 enterprises in the western region (enterprise scale 8.6 billion yuan), accounting for 12.9 %.
Classified by the nature of ownership, 33 state-owned (including collective) holding companies (30.1 billion yuan), accounting for 35.5%; 39 privately-held enterprises (companies: 14.6 billion yuan), accounting for 41.9%; foreign investment (including Hong Kong, Macao and Taiwan) holding There are 7 enterprises (the enterprise scale of 5.9 billion yuan), accounting for 7.5%; 14 other enterprises (the scale of enterprises is 13.6 billion yuan), accounting for 15.1%.
According to the product field classification, 49 metal cutting machine tool enterprises (enterprise scale 43.1 billion yuan), accounting for 52.7%; metal forming machine tool enterprises 13 (corporate scale 11.7 billion yuan), accounting for 14%; measuring tools / abrasives enterprises 16 (Enterprise size 5.4 billion yuan), accounting for 17.2; 15 CNC equipment and functional components enterprises (enterprise scale 5 billion yuan), accounting for 16.1.
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In 2016, the prosperity index of China's machine tool industry was 53.9%, up 19.4% from the same period of the previous year. It was above the line of honor and dryness, reflecting the recent recovery of the industry.
From the perspective of enterprises of different ownership characteristics, foreign-invested enterprises (including Hong Kong, Macao and Taiwan) have the highest index of holding enterprises, accounting for 56.3%, privately-held and state-owned (including collective) holdings are 54.4% and 54.3%, respectively, and other companies with the lowest value are 51.4%. This is basically in line with the operating status of the above-mentioned types of enterprises in the market this year.
From the perspective of different product areas, the operational differentiation is more obvious. The numerical control device and functional components have the highest boom rate of 68.4%; the metal forming machine tool ranks second with 61.8%; the metal cutting machine tool is 51.3%, which ranks third; the measuring tools and abrasive tools are under the glory line , only 43.9%. Driven by the recovery of market demand, the host has shown a warming trend, but the measuring tools and abrasive tools are still trapped in the dilemma of structural adjustment, showing a state of running fatigue.
From the perspective of the factors of prosperity, the company expects to rebound with the recovery of orders and operations, which is above the glory line, 56.5%, 60.6% and 55.1% respectively; but the environment and cost are still below the line of glory, respectively, 48% and 43%, and there is no good sign from the trend of the past three years.
The probabilistic index analysis method is based on the qualitative analysis method of the survey, which reflects the situation and trend of the economy during the survey period. Since the industry climate survey is currently conducted according to the annual cycle, the industry annual boom index reflects the previous one. The average operating conditions of the cycle and the future short-term trends, everyone should pay attention to the use of the prosperity index.
2. Major segments of the industry
In November 2016, the total number of enterprises above designated size in the machine tool industry increased slightly, to 5,752, an increase of 1.6% year-on-year. Among them, the number of metalworking machine tools (down 1.2% year-on-year) and machine tool components and accessories (down 4.3% year-on-year) decreased slightly, the abrasives (up 5.4% year-on-year) and the measuring tools (up 1.7% year-on-year) The number of companies in different industries increased slightly.
In 2016, the total output and exports of the main segments of the machine tool industry will show a slight decline.
Metal cutting machine output is expected to decline slightly, at approximately $11.9 billion, down 2.5% year-on-year.
The output of metal forming machine tools is expected to decline slightly, at approximately US$9.7 billion, down 2.0% year-on-year.
Workpiece output is expected to decline significantly, at approximately $5.2 billion, down 7.1% year-on-year.
In terms of exports, the total export value of machine tools in 2016 is expected to decline slightly, with a drop of less than 6%.

III. Favorable factors for industrial development After more than 60 years of development, especially the rapid development of the past ten years, the machine tool industry has accumulated a foundation and policy conducive to industrial development under the government's attention and the joint efforts of both inside and outside the industry. And factors such as the market environment. The following is a summary of the three aspects.
1. National economic and industrial policies
In recent years, in order to “stabilize growth and adjust structure”, the state has implemented structural reforms on the supply side and promoted the transformation of the economy from factor-driven to innovation-driven, and has introduced a series of economic and industrial policies. These policies include the contents of machine tools, such as macroeconomic policies, the “three to one and one subsidy” of supply-side structural reforms, and the “13th Five-Year National Strategic Emerging Industry Development Plan”, the Belt and Road Initiative. Going out strategy; industrial development strategy, "Made in China 2025" and smart manufacturing; industrial policy measures, technical reform plan, first set of policies, 04 special and intelligent manufacturing special. The above strategic and policy measures play a strategic leading and supporting role in the development of the machine tool industry.
2. New changes in the international market
According to the prediction of the Oxford Economic Research Institute, the international machine tool consumption market will tend to be stable in 2016-2020, and it will show a moderate recovery. Driven by the new round of industrial chain restructuring and international industrial transfer, new increments will emerge in the international market in the future. For example, Germany's re-industrialization strategy will have new growth in aviation, electrical equipment and automotive; the Indian market benefits from international industrial transfer, rapid growth in infrastructure investment and the development of the automotive industry; the US market rebounds in trade protectionism. And the return to manufacturing to promote the consumption demand of high-end machine tools; Mexico will face the US market, relying on the automotive industry to achieve rapid growth. From the investment forecasts of major international consumer sectors such as aviation, electrical equipment, precision and optical instruments, and automobiles, the future consumption will also show a moderate growth trend.
3. Positive factors in the domestic market
There are also some positive factors in the domestic market. For example, China's industrialization process is accelerating, and there is a huge upside for the integration of the two industries and industrial upgrading. The changes in the domestic population, factors and development strategy conditions will determine that the future low-efficiency production mode will accelerate its withdrawal, and the high-efficiency production mode will become the main body. This change will lead the industry to transform and upgrade. From the relationship between GDP growth rate, labor force and numerical control rate in recent years, this trend can be clearly seen. The weakening of economic growth and the aging of the population will force the numerical control rate of machine tools to increase. Finally, China has become the world's second largest economy, with rigid demand (or shortcomings to be filled), such as security, economics, sustainable development and international responsibility.

4. Outstanding problems in industrial development While seeing many favorable factors for industrial development, we should also calmly pay attention to the outstanding problems in the current and future industrial development. Because favorable factors can certainly promote the growth of the industry (the icing on the cake), how to solve the outstanding problems of the industry will determine the survival of the industry (snow in the snow), so it needs special attention.
1. Outstanding problems - low market demand
The sluggish market demand is a topic of “old talk” that has been repeatedly mentioned in the industry in recent years. Due to the lack of necessary data support, qualitative judgments and comments can only be made on the basis of historical data trend analysis, but the reference to future market trends is weak. This year, the association started by analyzing the supply and demand relationship between machine tool products and typical user fields, and based on the analysis of the main product output data of major machine tool users (such as automobiles, ships, engines, steel and mobile phones), The weighted processing method is used to establish an analytical model, and the supply-demand relationship curve (dimensionless exponential curve) from 2000 to 2015 is initially obtained. In addition, based on the forecast of changes in the output of related user industries in the next five years (2016-2020), the above-mentioned supply and demand relationship model will be used to derive the trend of China's machine tool consumption in the next five years. The trend changes reflected by the supply and demand curves of machine tools and tools are described below.
(1) Metal processing machine tools can be seen from the analysis results, the supply of metal processing machine tools (consumption, including domestic production and imports) changes positively related to the increase in user demand (yield), and roughly lags behind one annual cycle, users The increase in demand for the sector is directly proportional to the annual production changes and equipment updates in the sector. The supply and demand curve of China's machine tools from 2000 to 2020 can be roughly divided into four periods. which is,
During the period of balance of supply and demand (2000-2003), market demand growth was slow during this period, the supply-demand relationship was basically balanced, and fluctuations in supply and demand during each year were small.
During the rapid expansion period (2004-2010), driven by the rapid growth of market demand, especially in the continuous burst of market growth, based on growth expectations, the machine tool supply curve began to run in 2004, but the supply growth trend and demand The growth trend is basically the same. Although during this period, affected by the macroeconomic regulation in 2004 and the international financial crisis in 2008, the user demand curve has fluctuated, but in the domestic investment and machine tool industry policies (such as the start of the 2004 special project in 2005, the 4 trillion stimulus in 2008) Policies, etc., continue to support the rapid growth of 09 to 10 years. In 2010, the demand index reached its highest level in history, and the supply index subsequently reached its historical peak (2011).
Looking forward to the persistence period (2011-2015), after 2011, the overcapacity in the user sector continued to expand, and the demand index continued to decline, especially in 2012, demand showed a negative growth. However, under the support of the rebounding expectation of the machine tool industry, the machine tool supply curve did not fall sharply with the decline of the demand curve, and the demand curve showed a state of gap operation. From now on, continuous supply and demand disconnected operating conditions have led to a continuous increase in the inventory of finished machine tools, and the formation of a large number of "dead stocks" that are difficult to realize. Always "expecting the expectation of the bottom rebound" has caused many companies to miss the opportunity to adjust their response, occupying and emptying valuable resources, which has become a major cause of the current difficult business operation.
During the rational regression period (2016-2020), the promotion of “de-capacity” in the user field will further increase, and the number of machine tools formed during the rapid expansion period has been at a high level, considering the factors of technology upgrade and machine tool renewal cycle. It is expected that user demand will show a trend of “first decline, then moderate recovery”. Among them, 2017 and 2018 will be a year in which demand is very low. Based on the trend of market demand reduction and demand upgrading, the future supply of machine tools will enter a period of rational regression.
The first three issues believe that every entrepreneur who has experienced these years of development will have different degrees of experience. The fourth phase also basically reflects the current market atmosphere and the basic judgment of most machine tool manufacturers. Therefore, the machine industry and enterprises in the next four years may be a process of intense competition, continuous withdrawal and integration.
(2) Tools It can be seen from the analysis that the changes in the supply of tools (consumption, including domestic production and imports) are positively related to changes in user demand (yield). Due to the short manufacturing and delivery cycle of tool products, the lag period generally does not exceed one annual cycle. As the user demand index continues to grow, the supply of tools continues to climb until it reaches its highest value in 2014. After 2014, with the overcapacity of users, demand entered the platform period, and tool supply also declined year by year. According to the spirit of the Central Economic Work Conference to vigorously promote the supply-side structural reform and five key tasks, as well as the judgment and prediction of the trend of the main user domain, it is expected that the output index of the user-oriented industry in the machine tool industry will decline on average in 2016-2020. 13.5%, or will return to the level of 2009-2010 by 2020, while the demand structure is further enhanced. Therefore, it is expected that tool supply will continue to decline in the next four years as user demand declines.
By analyzing the changes in the supply and demand curve of the Chinese machine tool market, the following inspirations can be obtained.
l In the context of the continued pressure of “de-capacity” in the future, it is not enough to consider only the accelerated depreciation policy. Under the expectation of a decline in user profit, the accelerated depreciation policy will also reduce the role of equipment purchases.
l From the perspective of the user's stock capacity structure, the state adopts standard upgrades, forced exits, control and optimization, and other methods to accelerate the elimination of backward production capacity and promote the upgrading of production capacity structure will enhance the “gold content” of equipment procurement, and support the healthy development of machine tool industry. favorable.
l For machine tool companies with transformational conditions, it is possible to “stand clearly, make clear choices”, and strengthen investment in technology, domestic and international market development and internal management, and then it is possible to stand in this round of reshuffle. Invincible.
2, outstanding problems - the quality of operation is declining, debt risk is high
Another prominent problem that has recently been reflected in the machine tool industry is the decline in the quality of business operations and the high risk of debt. The annual industry key contact enterprise statistics show that the growth rate of the main business income and total profit of the whole industry in 2011-2015 has been fluctuating downward trend, which was -11.6% and -65.9% in 2015, respectively, down 25 and 74.3 from 2011. Percentage points; the growth rate of liabilities and accounts receivable increased continuously, with 2.5% and 11% in 2015, respectively.
On the other hand, the industry's debt risk has surged. The ratio of liabilities divided by main business income indirectly reflects changes in industry operating leverage, which has surged from 69.1% in 2011 to 130% in 2015. In contrast, the industry-wide profit margin fell from 6.5% in 2011 to 1.6% in 2015; the receivables turnover rate also fell from 7.3 in 2011 to 3.0 in 2015.
The deterioration of the above two types of indicators, coupled with the continued sluggish market demand, may increase the operational risk of enterprises in the next few years.
3, highlight the problem - bottlenecks and development shortcomings
In the future industrial development process, there are still some bottlenecks and shortcomings that need to be paid attention to from the industrial development strategy and the top-level construction.
(1) The industrial concentration is not high, and it is necessary to establish a system, mechanism and development environment suitable for the development of “specialized and special” invisible champion enterprises.
(2) There is a gap between the actual ability of the enterprise (market development, research conditions, manufacturing capabilities and talent team) and the actual market demand and future development needs.
(3) National strategy, industrial strategy and corporate strategy need to be more closely linked and interacted to form a joint effort to promote the benign and sustainable development of the industry.
4, outstanding issues - the focus of current corporate attention
Through the industry enterprise responsible person questionnaire, it reflects some outstanding problems and policy demands that the current enterprise focuses on.
(1) Reflecting outstanding problems Through the analysis of the importance of all opinions, the most important issues that can be obtained by current enterprises are: insufficient market demand (23.2%), tight capital chain (12.8%), and high internal cost (11.8). %), foreign similar products (11.1%), talent shortage (10.4%), market disorder or unfair competition (9.1%).
(2) Reflected policy appeals Through the analysis of the importance of all opinions, the policy complaints that can be obtained by the current enterprises are: the state-to-business tax reduction (37.5%), and the state's special support to the industry (27.5) %).
Paying attention to the outstanding problems and policy demands reflected by the above-mentioned enterprises should be the main direction and content of the future work of the association and serving the government and enterprises.

V. Response and outlook
1, deal with
(1) The enterprises in the current industry have carried out initiative and transformation and upgrading to varying degrees in order to cope with market changes. Through the analysis of the contents of the response measures in the questionnaires of industry enterprises, it can be found that the industry enterprises have changed according to the market and their actual conditions. Carry out targeted work. Through the importance analysis, the company's main countermeasures are: controlling costs (17.8%), strengthening market segment development (13.3%), strengthening enterprise management (11.5%), strengthening product quality control (9.8%), and increasing R&D investment. (8.8%), staff reduction and efficiency increase (7.8%), strengthening talent team construction (6.8%), and digesting inventory (6%).
The above-mentioned main countermeasures are the valuable experience and industry wisdom that the major enterprises in the industry have gained in practice, reflecting the current and effective business ideas and methods in the industry, which have reference significance for the whole machine tool industry.
(2) The association will take the initiative to unite the industry's demands, strengthen the research strategy of the industry development strategy, and serve the government and member enterprises. (3) The association has already carried out tax incentives for industry tax incentives and industrial technology innovation centers. The policy and technology innovation platform is two policy measures that have been paid more attention to throughout the industry for many years. In the context of the recent sluggish market demand, general difficulties in business operations and increased pressure on transformation and upgrading, the permanent institutions of the Association tracked policy guidance in a timely manner and responded to the urgent demands of industry enterprises. In 2016, they launched the Industrial Tax Preferential Policy Research and Industry Technology Innovation Center. On the basis of fully listening to the opinions and suggestions of the industry enterprises, the corresponding feasibility study report and planning plan were formed, and the relevant government departments were reported. Since these two tasks are wide-ranging, involve many interests, cross-departmental authorities, and strong policy innovations, the process of future implementation must be long-term, complicated, and tortuous. The permanent establishments of the Association will rely closely on industry enterprises to continue to do a good job in the development of the industry.
2. Outlook
Based on the above situation and analysis, in 2017, China's machine tool consumption market and industry operation trend is expected to remain in the downside range, and the decline will be narrowed, but there is the possibility of repeated challenges.

Attachment: Explanation of Terms 1. Expenditure The gross domestic product of France is a method of reflecting the final result of production activities in a certain period of time from the perspective of final use. The final use includes the final consumption, total capital formation and net exports. The formula is:
Expenditure in France GDP = final consumption + total capital formation + net exports 2. Final consumption refers to the expenditure of goods and services purchased from domestic economic territory and abroad to meet the needs of material, cultural and spiritual life. It does not include consumer spending of non-resident units in the economic territory of the country. Final consumption is divided into household consumption and government consumption.
3. Resident consumption refers to the total final consumption expenditure of goods and services for permanent residents within a certain period of time.
4. Government consumption refers to the consumption expenditure of public services provided by the government for the whole society and the net expenditure of goods and services provided to the residents at free or at a lower price. The former is equal to the output value of government services minus the government units. The value of the operating income obtained, which is equal to the market value of goods and services provided by government departments to residents at no cost or at a lower price minus the value charged to households.
5. Total capital formation refers to the net amount of fixed assets and inventories that the resident units receive minus the disposal within a certain period of time, including the total amount of fixed capital formation and the increase in inventory.
Total fixed capital formation refers to the total value of fixed assets that are reduced by the producers during a certain period of time. Its calculation formula is:
Total fixed assets formation = residential + non-residential buildings + machinery and equipment + land improvement expenditure + mineral exploration fee + computer software + other inventory increase refers to the market value of the change in the physical quantity of the inventory of the resident unit in a certain period of time, that is, the ending value minus the beginning of the period The difference in value is deducted from the holding gains arising from price changes in the current period.
6. Net exports of goods and services refer to the difference between exports of goods and services minus imports of goods and services. Exports include the value of various goods and services that are sold by resident units to non-resident units or transferred without compensation; imports include the value of various goods and services purchased by resident units from non-resident units or obtained without compensation.

Height measure chart

Founded in 1998,China Wintape is a leading tape measure manufacturer in China.

We are manufacturer of tape measures with 22 years' experience.

Our Advantages are:
- Well organized own brand factory
- Well trained and skilled workers
- We offer OEM&ODM service
- We support Small MOQ, as low as 500 pcs.
- Our products are in steady quality
- Our price is very competitive
- Our custom service team offers quick response and constructive sugguestions

- The delivery time is short

Fairy Tale Themed Kid Height Ruler Selfadhesive Chart Wall Sticker 2M
ProductionDescription

ThegrowthrulerappliessyntheticpaperandPVCfilmwhichissafetokidsanddoesnoharmto
thewall.Addingachildheightchartinhomeindeedwillbringfunandjoyonceyounoticeyour
child`sgrowth.Asadecoration,italsoamplifiesthewarmfeelingtoyourhousefurnishing.The
fairytalethemedoneissurelyintriguingtogirls.Plus,thekidheightwallstickeriswaterproof
andstandsuptocertaindustandgreasedirt,soitiseasytoclean.

Specification
Brand Wintape
Material PVC,syntheticpaper
Size 2m*12cm

Measuring Height Sticker, Sticker Measurement, Height Measurement, Wall Sticker, Selfadhesive Chart

Wintape Measuring Tape Company , https://www.wintapetape.com