China's economic growth rate has fallen, and Japanese machine tool exports to China have fallen

In the context of the impact of Sino-US trade frictions on Japan's domestic manufacturing industry, Japan's exports to China have become more and more dependent on the US.

According to the Nikkei News, the data released by the Japan Machine Tool Industry Association on January 23 showed that the machine tool order (determined value) in December 2018 decreased by 18.3% year-on-year to 135.522 billion yen. Among them, orders for China decreased by 50%, while orders for the United States increased for 23 consecutive months, showing strong performance.

In December 2018, the export value of Japanese machine tools decreased by 23.6% to 78.37 billion yen. Among them, orders for China decreased by 56.4% year-on-year to 15.046 billion yen. Machine orders for general machinery, which are susceptible to economic trends, fell 35.2% to 4.79 billion yen, reflecting the slowdown in the Chinese economy.

According to Kyodo News, the number of orders from China in 2018 decreased by 17.9% from the previous year to 285 billion yen (about RMB 17.7 billion). The Japan Machine Tool Industry Association expects monthly orders for China to be between 12 billion and 13 billion yen in 2019, down from around 30% in November 2017 (41.2 billion yen).

At a press conference in Tokyo, the president of the Japan Machine Tool Industry Association, Ichimura Yuki (Director of Toshiba Machinery) said that under the influence of Sino-US trade frictions, the trend of Chinese companies to suspend equipment investment will be long-term. “Although users’ concerns about automation, efficiency and technological innovation have not changed, they are wary of the world economy.”

The chairman of the Japanese Electric Power Company, Yong Shou, confessed to the sense of crisis in Sino-US trade friction. Since November last year, demand for Chinese customers, motor and other demand has dropped rapidly, the company had to cut its FY1818 performance expectations.

Imura said that under the stimulus of tax cuts and other policies, American companies seem to think that it is now the time to invest in equipment, and the Trump administration’s economic stimulus policy has played a role. The expansion of Japanese machine tool manufacturers' overseas business operations in the United States made up for the decline in business with China, which increased by 4.8%.

According to trade statistics released by the Ministry of Finance of Japan in December 2018, the trade balance was a deficit of 55.3 billion yen, and it has been in deficit for three consecutive months. Japan’s exports to China fell by 7% to 1.4026 trillion yen. The impact of Sino-US trade friction has surfaced, and exports of liquid crystal manufacturing equipment, mobile phone parts, and semiconductors to China have fallen sharply.

Orders from Japanese electronic component companies are rapidly decreasing. In addition to the sluggish sales of smartphones such as the US Apple iPhone, China’s economic slowdown has also affected.

According to previous reports from the interface news, the data released by the National Bureau of Statistics of China shows that China's gross domestic product (GDP) increased by 6.6% in 2018, and the growth rate dropped by 0.2 percentage points from the previous year, a 28-year low.

Domestic analysts said that although the GDP growth rate reached the government's growth target of 6.5%, but in the increasingly complex domestic and international situation, it is expected that the economic growth rate in the first half of 2019 will decline to a certain extent.

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