11% growth 'still achievable'
By Wang Yanlin |
July 21, 2010, Wednesday
|
Print Edition
Print Edition
China can achieve its target of an annualized growth of 11 percent for industrial production this year, or an even stronger rate, depending on robust domestic demand, a senior government official said yesterday.
"China's industrial output may grow more than 11 percent this year," said Zhu Hongren, a spokesman for the Ministry of Industry and Information Technology.
"We are now at a critical moment to stabilize economic growth and continue to revamp the industrial structure. We may face many uncertainties in the second half of this year, but the overall situation in China's industrial sector remains healthy," Zhu said.
Industrial production in China grew 17.6 percent year on year in the first six months of this year, up 10.6 percentage points from the pace a year ago.
With a massive stimulus package, various policies to boost domestic demand and faster-than-expected recovery of the global economy, China's industrial output had stabilized since the later half of last year.
In the first six months, domestic sales of manufactured goods produced on the Chinese mainland jumped 34.9 percent from a year earlier - 86.9 percent of manufactured goods produced in China were sold in the country.
Zhu said China's policy of encouraging consumers to replace old household appliances and polluting vehicles had been successful - more than 32.52 million household appliances under the "old-for-new" program, including television sets, washing machines and refrigerators, were sold in the first half, already close to the amount for the whole of last year.
Vehicle sales jumped 47.7 percent from January to June, reversing a downturn in the same period last year.
China will continue to boost domestic demand in the second half, Zhu said, and this may compensate for possible losses in manufacturing amid many uncertainties in the global economy, rising producer prices and labor costs, and amid a critical period when China vows to combat pollution and eliminate high energy-consuming projects.
China's industrial production growth slowed for the third straight month in June after the country enhanced efforts to control energy-intensive industries.
Manufacturing output accelerated 13.7 percent from a year earlier last month, moderating from the increase of 16.5 percent in May and 17.8 percent in April.
Six big energy-intensive industries grew 11.8 percent last month, compared with a 15.8 percent rise in May, which led to a 1.3 percentage points decline in overall industrial production growth.
Zhu also said a growing number of small and medium-sized enterprises complained about difficult access to loans in the first half, and export-oriented companies were concerned about accepting big or long-term orders due to fast changing macroeconomic situations and rapidly rising costs.
China's economy grew 10.3 percent on an annual basis in the second quarter, down from the surge of 11.9 percent in the first three months.
"China's industrial output may grow more than 11 percent this year," said Zhu Hongren, a spokesman for the Ministry of Industry and Information Technology.
"We are now at a critical moment to stabilize economic growth and continue to revamp the industrial structure. We may face many uncertainties in the second half of this year, but the overall situation in China's industrial sector remains healthy," Zhu said.
Industrial production in China grew 17.6 percent year on year in the first six months of this year, up 10.6 percentage points from the pace a year ago.
With a massive stimulus package, various policies to boost domestic demand and faster-than-expected recovery of the global economy, China's industrial output had stabilized since the later half of last year.
In the first six months, domestic sales of manufactured goods produced on the Chinese mainland jumped 34.9 percent from a year earlier - 86.9 percent of manufactured goods produced in China were sold in the country.
Zhu said China's policy of encouraging consumers to replace old household appliances and polluting vehicles had been successful - more than 32.52 million household appliances under the "old-for-new" program, including television sets, washing machines and refrigerators, were sold in the first half, already close to the amount for the whole of last year.
Vehicle sales jumped 47.7 percent from January to June, reversing a downturn in the same period last year.
China will continue to boost domestic demand in the second half, Zhu said, and this may compensate for possible losses in manufacturing amid many uncertainties in the global economy, rising producer prices and labor costs, and amid a critical period when China vows to combat pollution and eliminate high energy-consuming projects.
China's industrial production growth slowed for the third straight month in June after the country enhanced efforts to control energy-intensive industries.
Manufacturing output accelerated 13.7 percent from a year earlier last month, moderating from the increase of 16.5 percent in May and 17.8 percent in April.
Six big energy-intensive industries grew 11.8 percent last month, compared with a 15.8 percent rise in May, which led to a 1.3 percentage points decline in overall industrial production growth.
Zhu also said a growing number of small and medium-sized enterprises complained about difficult access to loans in the first half, and export-oriented companies were concerned about accepting big or long-term orders due to fast changing macroeconomic situations and rapidly rising costs.
China's economy grew 10.3 percent on an annual basis in the second quarter, down from the surge of 11.9 percent in the first three months.
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