Equipment manufacturing industry is the first pillar industry of Henan Province. Under the background of domestic and international market demand instability，as well as competition within the sector escalates，the equipment manufacturing industry has maintained steady growth in high speed in the first three quarters of 2014.Because of the economic cycle operation of industry factors and structural factors are intertwined，and some emerging problems interacts with tendency problems，there are many problems in the development of the industry，such as the independent innovation ability is insufficient，the development of the industrial chain is still not perfect，industry competition is intense，the market demand is not steady，enterprise order generate large fluctuation，enterprises are facing difficulties in financing，and accounts receivable，industry leading enterprises is not strong，the transformation and upgrading of industry face greater pressure，and so on. Looking to the future，the favorable and unfavorable factors of Henan equipment manufacturing industry coexist，the opportunities outweigh the challenges. Henan should strengthen the superior industry，strengthen the “three bases” construction of machinery industry，speed up the intelligent information-based transformation，promote industry cluster construction the characteristics of equipment manufacturing in the special equipment manufacturing，and develop the production service equipment manufacturing group，accelerate the pace of transformation and upgrading of industry，build Henan equipment industry upgrade.