China's machinery industry continued to expand in the first half of 2024, adding 11,000 large-scale enterprises compared to the end of June last year, bringing the total number to 130,000, according to industry data released on Wednesday.
The data, which encompasses enterprises with an annual principal business income of 20 million yuan (about 2.8 million U.S. dollars) or more, was released by the China Machinery Industry Federation (CMIF).
In the first half of 2024, the added value of these large-scale enterprises in the machinery industry grew by 6.1 percent year on year, slightly higher than the national industrial growth rate of 6 percent.
The added value of the five major categories of the national economy all achieved year-on-year growth.
Meanwhile, the automotive industry saw significant drive, with added value increasing by 9.8 percent year on year. Growth rates in the general equipment, special equipment, electrical machinery, and instrumentation industries reached 2.8 percent, 2.1 percent, 4.7 percent, and 5.2 percent, respectively.
In terms of product production and sales, out of the 122 key categories of machinery products, 75 saw year-on-year production growth in the first half of this year, accounting for 61.5 percent.
Foreign trade in the machinery industry continued last year's favorable trend. In the first half of this year, the total import and export value of goods in the machinery industry reached 557.94 billion U.S. dollars, a year-on-year increase of 4.1 percent, accounting for 18.7 percent of the national goods trade.
The machinery industry is expected to continue this steady trend in the second half of this year, with the annual growth rates of major economic indicators projected to stay above 5 percent and foreign trade to remain generally stable.
China adds 11,000 large-scale machinery enterprises year-on-year in H1
Many Singaporeans support raising the re-employment age, partly to stay busy and active in retirement, and to help address demographic challenges in the workforce.
Like many other Asian countries, Singapore is grappling with a rapidly aging population. The government predicts that by 2030, one in four Singaporeans will be aged 65 or older, up from one in 10 two decades ago.
A survey on retirement and employment conducted last year in the country found broad support for raising the national retirement age, with about 88 percent of those aged 50 and above in favor.
Some supported increasing the retirement age because continuing to do what they love, rather than retiring, keeps them feeling youthful and fulfilled.
When Nancy Hor, a retired IT operations manager, left her job five years ago, she wasn't sure how to fill her time.
"I'm a workaholic. At the very first stage after I retired, I felt I could not find balance," she said.
Hor, now 70, said it took her some time to adjust. In her spare time, she stays busy line dancing and spending time with her family.
But she said that if she had had the choice, she would have liked to stay employed a little longer.
"I think it's good for the elderly that even they have some job to do, and keep them busy," said Hor.
In March, authorities announced plans to raise the retirement age to 64 and the re-employment age to 69 by 2026.
Singapore's Minister of State for Manpower, Gan Siow Huang, said the changes to the rules protect senior workers from dismissal due to age-related issues before they reach the statutory retirement age. Employers are also required to offer re-employment to eligible workers until they reach the statutory re-employment age limit.
This follows a similar move made two years ago to raise the retirement and re-employment ages to 63 and 68, respectively. The city-state is also aiming for a retirement age of 65 and a re-employment age of 70 by 2030.
"That is to reduce the impact on businesses, so it gives time for businesses to adapt their policy. This gradual increase in retirement age basically provides a framework for individuals like myself, who want to continue to be gainfully employed," said Patrick Chang, a retirement planning specialist and the author of the A to Z guide to retirement planning.
Chang said that businesses will need to make adjustments to accommodate the changes, including offering retraining for senior workers.
He noted that the changes won't impact those who still wish to retire earlier, but given Singapore's demographic challenges, the country cannot afford to remain idle.
"If we don't do it now, the social cost could be high. We cannot wait until the time when we need it today, and then we get something done. It will probably be a bit too late, and the cost of getting to that solution will be higher," said Chang.
Many Singaporeans support raising retirement, re-employment ages
