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Industrial output slows on weaker demand
By Richard Fu |
March 9, 2012, Friday
|
Online Edition
Online Edition
CHINA'S industrial output gained at a slower pace in the first two months as a slowing economy curbed demand for steel and cars.
Industrial production rose 11.4 percent in January and February from a year earlier, the National Bureau of Statistics said today. This falls short of the 12.3 percent median estimate by 16 economists polled by Bloomberg News.
The bureau surveys companies with a minimum annual revenue of 20 million yuan (US$3.17 million) for the industrial output data, which is closely correlated with gross domestic product growth in China, a mainly manufacturing-driven economy.
Industrial output rose 12.8 percent in December and 13.9 percent in 2011. The Ministry of Industry and Information Technology has projected output to increase 11 percent this year, citing uncertainties in the global economy.
Premier Wen Jiabao earlier this week reduced China's 2012 GDP growth target to 7.5 percent from 8 percent as the government seeks more balanced and sustainable development.
Power generation rose 7.1 percent to 718.7 billion kilowatt-hours in the first two months, while steel output rose 4.6 percent to 139.3 million tons, the statistics bureau said today. Car production fell 2.8 percent to about 1.6 million units.
In a separate report, the bureau said China's fixed-asset investment in non-rural areas gained 21.5 percent to 2.12 trillion yuan in the first two months of the year, after rising 23.8 percent in 2011.
Industrial production rose 11.4 percent in January and February from a year earlier, the National Bureau of Statistics said today. This falls short of the 12.3 percent median estimate by 16 economists polled by Bloomberg News.
The bureau surveys companies with a minimum annual revenue of 20 million yuan (US$3.17 million) for the industrial output data, which is closely correlated with gross domestic product growth in China, a mainly manufacturing-driven economy.
Industrial output rose 12.8 percent in December and 13.9 percent in 2011. The Ministry of Industry and Information Technology has projected output to increase 11 percent this year, citing uncertainties in the global economy.
Premier Wen Jiabao earlier this week reduced China's 2012 GDP growth target to 7.5 percent from 8 percent as the government seeks more balanced and sustainable development.
Power generation rose 7.1 percent to 718.7 billion kilowatt-hours in the first two months, while steel output rose 4.6 percent to 139.3 million tons, the statistics bureau said today. Car production fell 2.8 percent to about 1.6 million units.
In a separate report, the bureau said China's fixed-asset investment in non-rural areas gained 21.5 percent to 2.12 trillion yuan in the first two months of the year, after rising 23.8 percent in 2011.
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