Factory output falls short of consensus
By Richard Fu |
March 10, 2012, Saturday
|
Print Edition
Print Edition
CHINESE factory output gained at a slower pace in the first two months of this year as a slowing economy curbed demand for steel and cars. Fixed-asset investment growth remained solid.
Industrial production rose 11.4 percent in January and February from a year earlier, the National Bureau of Statistics said yesterday. This falls short of the market consensus of 12.3 percent.
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 a more balanced and sustainable development.
"Today's data suggests that economic growth continues to slow down in the first quarter," JPMorgan economists wrote in a note.
By product, 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. Car production fell 2.8 percent to 1.596 million units.
Separately, the bureau said China's fixed-asset investment in urban areas gained 21.5 percent to 2.12 trillion yuan in the first two months, after rising 23.8 percent in 2011.
In breakdown, real estate investment rose 27.8 percent, a big rally from 12.3 percent in December. JPMorgan said this was in part due to strong investment in commercial properties.
Industrial production rose 11.4 percent in January and February from a year earlier, the National Bureau of Statistics said yesterday. This falls short of the market consensus of 12.3 percent.
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 a more balanced and sustainable development.
"Today's data suggests that economic growth continues to slow down in the first quarter," JPMorgan economists wrote in a note.
By product, 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. Car production fell 2.8 percent to 1.596 million units.
Separately, the bureau said China's fixed-asset investment in urban areas gained 21.5 percent to 2.12 trillion yuan in the first two months, after rising 23.8 percent in 2011.
In breakdown, real estate investment rose 27.8 percent, a big rally from 12.3 percent in December. JPMorgan said this was in part due to strong investment in commercial properties.
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