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November 3, 2009

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Home » Business » Economy

Industrial production seen to speed up

CHINA'S industrial output growth would continue to accelerate in the fourth quarter, Minister of Industry and Information Technology Li Yizhong said in Beijing yesterday.

The country's industrial production had "surmounted the most difficult time" and was expected to grow 15 to 16 percent annually in the fourth quarter, and may achieve a full year growth rate of 10 to 11 percent, Li said.

Industrial output in the third quarter expanded by 12.4 percent year on year, the National Bureau of Statistics said last month.

For the first nine months of this year industrial output rose 8.7 percent from a year earlier, 6.5 percentage points lower than that of a year ago, the bureau said.

The government's economic stimulus package and other policies to address the economic downturn had produced remarkable effects as industrial investment continued to grow, and power consumption and railway transport recovered, Li said.

China's gross domestic product accelerated to 8.9 percent year on year in the third quarter, and 7.7 percent year on year in the first nine months, the bureau said.

Li said China expects to meet its GDP goal of 8 percent growth in 2009.

China should restructure its economy by promoting innovation and technological upgrading, conserving energy and cutting emissions, and integrating information technologies with industrial development, he said.


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