Growth dips in production
By Winny Wang |
July 16, 2010, Friday
|
Print Edition
Print Edition
CHINA'S industrial production growth slowed for the third straight month in June, reflecting the country's efforts to control energy-intensive industries and achieve its energy conservation target by the year end.
Meanwhile, urban fixed-asset investment gained 25.5 percent, stronger than the consensus forecast of 25.2 percent, in the first six months of this year.
Industrial production gained 13.7 percent last month from a year earlier, compared with a 16.5 percent increase in May, the National Bureau of Statistic said yesterday. The growth was slower than consensus estimates of a 15 percent increase.
Heavy industry grew 14.5 percent last month, compared with a 17.8 percent increase in May, while light industry grew 12 percent, 1.6 percentage points slower than that in May, the bureau said.
"Slower industrial production growth reflected the government's efforts to save energy and cut emissions, phase out outdated capacity and control new projects in energy-intensive industries," said Zhang Weihua, director of the bureau's industry department.
In June, six big energy-intensive industries grew 11.8 percent, compared with a 15.8 percent rise in May, which led to a 1.3 percentage point decline in overall industrial production growth.
Power output rose 11.4 percent to 346.7 billion kilowatt-hours last month from a year earlier, compared with May's 18.9 percent expansion. Crude steel output grew 9 percent to 53.77 million tons in June, compared with a 20.7 percent increase in May.
The Chinese government wants to cut energy use per unit of gross domestic product by 20 percent between 2006 and 2010.
Industrial production gained 17.6 percent in the first half of this year, 10.6 percentage points faster than that of a year earlier, according to the bureau.
In the first half, urban fixed-asset investments gained 25.5 percent to 9.8 trillion yuan (US$1.45 trillion), 0.4 percentage point slower than that of the first five months.
Real estate investment grew 38.1 percent to 1.97 trillion yuan in the first half, slower than a 38.2 percent increase in the first five months.
"The impact of various measures to contain the pace of credit expansion, as well as tightening measures directed at the housing sector since mid-April, will continue to suggest further moderation in fixed-asset investment growth," said Wang Qian, an analyst at JPMorgan.
Meanwhile, urban fixed-asset investment gained 25.5 percent, stronger than the consensus forecast of 25.2 percent, in the first six months of this year.
Industrial production gained 13.7 percent last month from a year earlier, compared with a 16.5 percent increase in May, the National Bureau of Statistic said yesterday. The growth was slower than consensus estimates of a 15 percent increase.
Heavy industry grew 14.5 percent last month, compared with a 17.8 percent increase in May, while light industry grew 12 percent, 1.6 percentage points slower than that in May, the bureau said.
"Slower industrial production growth reflected the government's efforts to save energy and cut emissions, phase out outdated capacity and control new projects in energy-intensive industries," said Zhang Weihua, director of the bureau's industry department.
In June, six big energy-intensive industries grew 11.8 percent, compared with a 15.8 percent rise in May, which led to a 1.3 percentage point decline in overall industrial production growth.
Power output rose 11.4 percent to 346.7 billion kilowatt-hours last month from a year earlier, compared with May's 18.9 percent expansion. Crude steel output grew 9 percent to 53.77 million tons in June, compared with a 20.7 percent increase in May.
The Chinese government wants to cut energy use per unit of gross domestic product by 20 percent between 2006 and 2010.
Industrial production gained 17.6 percent in the first half of this year, 10.6 percentage points faster than that of a year earlier, according to the bureau.
In the first half, urban fixed-asset investments gained 25.5 percent to 9.8 trillion yuan (US$1.45 trillion), 0.4 percentage point slower than that of the first five months.
Real estate investment grew 38.1 percent to 1.97 trillion yuan in the first half, slower than a 38.2 percent increase in the first five months.
"The impact of various measures to contain the pace of credit expansion, as well as tightening measures directed at the housing sector since mid-April, will continue to suggest further moderation in fixed-asset investment growth," said Wang Qian, an analyst at JPMorgan.
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