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For signs of how China’s ambitions to become a self-made, high-tech industrial powerhouse are faring, look to Japan Inc.

The shipment values of Japan’s machinery sector are set to hit record highs, according to Goldman Sachs Group Inc. analysts. Orders placed by Chinese companies for Japanese machine tools have been rising since June and have picked up pace; same for the sector’s general segment. Sales of factory automation equipment are expected to exceed previous peaks.

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