From 2000 to 2011, the machinery manufacturing industry in China increased annually by at least 15%. For example, automobile production was 2.07 million in 2000, and it was 23.72 million in 2014, with automobile forgings amounting to 4.98 million tons in 2014. Both the owners and employees of forging companies benefited significantly during that golden decade.
The Chinese economy became weaker and weaker since 2012. However, it is widely anticipated that it will rebound in 2016. Forging companies are facing consecutive years of profit downturn and increasing labor costs, even in the midst of the roaring automobile forging sector.