Industrial output gains at slower pace in April
By Winny Wang |
May 12, 2010, Wednesday
|
Print Edition
Print Edition
CHINA'S industrial output expanded by a slower 17.8 percent in April from a year earlier due to a drop in auto production as the government phased out stimulus measures.
Urban fixed-asset investment growth decelerated 4.1 percentage points in the first four months to 26.1 percent, in line with policy makers efforts to cool the economy before inflation worsens, the National Bureau of Statistics said yesterday.
Industrial output grew 17.8 percent in April, slowing from an 18.1 percent increase in March, according to the bureau. Economists had expected industrial output to rise 18.5 percent last month.
"The government's cooling measures may be having an impact but the biggest reason was a drop in car production," said Alaistair Chan, an analyst at Moody's Economy.com.
Motor vehicle output increased 34.6 percent to 1.6 million units in April, compared with a 51.5 percent increase in March. Car production grew 36.9 percent to 786,000 units last month, compared with a 66.7 percent increase in March.
"The phasing out of the government's stimulus measures is dampening demand and production," Chan said.
"The April decline was quite sharp and given the volatile nature of China's car production some upward jump later this year is possible. But over the medium term car production growth is likely to trend down," Chan said.
Meanwhile, electricity output increased 21.4 percent to 331.64 billion kilowatt-hours and crude steel output gained 27 percent to 55.4 million tons, the bureau said.
In the first four months, urban fixed-asset investment gained 26.1 percent to 4.67 trillion yuan (US$684 billion), 4.1 percentage points slower than a year earlier and 0.3 percentage point slower than the first quarter.
"Investment has slowed in recent months as policy makers have taken measures to slow credit creation," said Nikhilesh Bhattacharyya, an analyst at Moody's Economy.com.
Urban fixed-asset investment growth decelerated 4.1 percentage points in the first four months to 26.1 percent, in line with policy makers efforts to cool the economy before inflation worsens, the National Bureau of Statistics said yesterday.
Industrial output grew 17.8 percent in April, slowing from an 18.1 percent increase in March, according to the bureau. Economists had expected industrial output to rise 18.5 percent last month.
"The government's cooling measures may be having an impact but the biggest reason was a drop in car production," said Alaistair Chan, an analyst at Moody's Economy.com.
Motor vehicle output increased 34.6 percent to 1.6 million units in April, compared with a 51.5 percent increase in March. Car production grew 36.9 percent to 786,000 units last month, compared with a 66.7 percent increase in March.
"The phasing out of the government's stimulus measures is dampening demand and production," Chan said.
"The April decline was quite sharp and given the volatile nature of China's car production some upward jump later this year is possible. But over the medium term car production growth is likely to trend down," Chan said.
Meanwhile, electricity output increased 21.4 percent to 331.64 billion kilowatt-hours and crude steel output gained 27 percent to 55.4 million tons, the bureau said.
In the first four months, urban fixed-asset investment gained 26.1 percent to 4.67 trillion yuan (US$684 billion), 4.1 percentage points slower than a year earlier and 0.3 percentage point slower than the first quarter.
"Investment has slowed in recent months as policy makers have taken measures to slow credit creation," said Nikhilesh Bhattacharyya, an analyst at Moody's Economy.com.
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