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China’s industrial output records fastest rise in 5 months in August
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CHINA’S industrial output grew the fastest in five months in August from a year earlier amid consistent demand following a rebound in manufacturing activities and exports in July, signalling a stable growth pace.
Industrial output rose 6.3 percent in August annually, climbing at the fastest pace since March this year, National Bureau of Statistics said.
The increase in value-added industrial output, despite some factories suspending production ahead of the G20 meeting in Hangzhou in early September, slightly beat a median market forecast of 6.2 percent growth.
Heavy industry, including electric machinery and automobile, boasted a large increase last month, taking up a substantial share of economic output, data showed.
“The data suggest that the downside risk of gross domestic product in the third quarter has been significantly reduced,” said analysts Louis Lam and David Qu from Australia and New Zealand Banking Group.
“If momentum holds up, China’s GDP could keep a growth rate of 6.6 to 6.7 percent in the third quarter from 6.7 percent in the second.”
Fixed-asset investment outside China’s rural households, the closely watched indicator of construction activity, climbed 8.1 percent from a year earlier in January to August, flat from the rise in the first seven months of the year. Private investment growth also was flat at 2.1 percent for the period.
Retail sales, a key measure of consumer spending, also beat expectations. The figure added 10.6 percent after rising 10.2 percent in July. Analysts had forecast a 10.3-percent gain.
Sales of construction and renovation materials rose 16.3 percent in August, amid a property boom in first-tier and second-tier cities.
“In August... some indicators picked up, efforts of cutting overcapacity, reducing inventory, deleveraging, lowering costs and strengthening weak links achieved notable results,” said bureau spokesman Sheng Laiyun. “The national economy has achieved moderate but steady and sound development.”
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