Factory output falls short of expectation
By Richard Fu |
July 14, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S factory output rose less than expected in June, signaling the nation's economic health remains soft.
Industrial production rose 9.5 percent in June from a year earlier, the National Bureau of Statistics said yesterday, below market consensus of 9.8 percent. It gained 9.6 percent in May.
"We had expected a moderate acceleration on the back of higher government stimulus but this has not come through," said Katrina Ell, associate economist at Moody's Analytics, citing government subsidies on the purchase of cars and white goods.
A slowing economy has forced Baoshan Iron and Steel Co to lower product prices and Dongfeng Peugeot Citroen Automobile Co to cut its annual sales target.
June's industrial production implies there is less likelihood of a strong rebound in the third quarter, Ell said, but added that production is still expected to accelerate in the second half of this year, citing construction of low-cost housing and upgrading of utilities such as water production.
Fixed-asset investment in non-rural areas rose a higher-than-expected 20.4 percent in the first half of the year, the bureau said, versus 20.1 percent in the January-May period.
Fixed-asset investment has been a key driver of China's economic expansion but the government is trying to reduce its contribution as it rebalances the growth pattern.
Industrial production rose 9.5 percent in June from a year earlier, the National Bureau of Statistics said yesterday, below market consensus of 9.8 percent. It gained 9.6 percent in May.
"We had expected a moderate acceleration on the back of higher government stimulus but this has not come through," said Katrina Ell, associate economist at Moody's Analytics, citing government subsidies on the purchase of cars and white goods.
A slowing economy has forced Baoshan Iron and Steel Co to lower product prices and Dongfeng Peugeot Citroen Automobile Co to cut its annual sales target.
June's industrial production implies there is less likelihood of a strong rebound in the third quarter, Ell said, but added that production is still expected to accelerate in the second half of this year, citing construction of low-cost housing and upgrading of utilities such as water production.
Fixed-asset investment in non-rural areas rose a higher-than-expected 20.4 percent in the first half of the year, the bureau said, versus 20.1 percent in the January-May period.
Fixed-asset investment has been a key driver of China's economic expansion but the government is trying to reduce its contribution as it rebalances the growth pattern.
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