Manufacturing investment is expected to pick up gradually

Sales of machinery industry reflect good economic recovery: in the first half of 2020, despite the impact of the epidemic, excavator, known as an economic barometer, achieved a cumulative growth of 24% in the first half despite a sharp decline in sales in the first quarter. In June, domestic sales of excavators increased by 75% compared with the same period last year. According to the survey, concrete machinery and tower crane achieved higher sales growth. Industrial robots with high economic sensitivity increased by 30% year-on-year in June, and by 10% year-on-year in H1. The government will step up counter-cyclical regulation, and low real estate inventory is expected to maintain resilience, driving steady growth of infrastructure construction.