China’s economy still weak as data indicate sluggish activities
Print Edition
CHINA’S economy continued to be weak in October as industrial production and fixed-asset investment grew moderately while retail sales were generally flat compared with a month earlier.
Industrial production grew 5.6 percent from a year earlier in October, easing from 5.7 percent in September, the National Bureau of Statistics said yesterday.
Fixed-asset investment added 10.2 percent to 44.7 trillion yuan (US$7 trillion) in the first 10 months, dipping from the 10.3 percent gain in the first three quarters.
Retail sales rose 11 percent to 2.8 trillion yuan in October, compared with the 10.9 percent increase a month ago.
Liu Ligang, an economist at Australia & New Zealand Banking Group Ltd, said the data indicated that economic activity was still sluggish and the growth pace showed little improvement.
“Traditional growth drivers such as industrial production and fixed-asset investment remained weak, falling short of previous market expectations for stability,” Liu said.
He also suggested a change in evaluating the economic activities of the service industry.
“As China’s service sector now accounts for more than 50 percent of China’s gross domestic product, we think that the market will need to develop a new set of indicators to gauge the economic activities of the service industry,” Liu said.
Jiang Yuan, a researcher at the bureau, also said the rapid restructuring of China’s economy has weighed on some data like industrial production.
“High energy-consuming industries like nonferrous metals have seen their growth slow due to China’s economic restructuring and overcapacity, while those with high technology have performed fairly well in the past month,” Jiang said.
The high-technology manufacturing sector climbed 10.8 percent in October, 5.2 percentage points faster than the average and 0.9 percentage points stronger than in September.
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