BEIJING — China's machinery industry posted steady performance in 2020, with revenues and profits beating expectations, according to the China Machinery Industry Federation.

The added value of the machinery sector rose 6 percent year-on-year, compared with the 3.4-percent increase seen by the country's manufacturing industry.

The better-than-expected performance of the sector was partly due to China's positive fiscal policies, said Chen Bin, executive vice-president of the federation.

The added value of the industry is expected to rise around 5.5 percent year-on-year in 2021, and its revenues and profits will likely grow by 4 percent, Chen said.

The country will also strive to strike a balance between machinery imports and exports this year, he said.