Industrial output hike moderates
By Winny Wang |
May 12, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S manufacturing posted a moderate expansion in April as a result of the government's tightening policies and phasing out of fiscal measures as well as overcapacity in some sectors.
Industrial output gained 13.4 percent year on year in April, compared with a 14.8 percent increase in March, the National Bureau of Statistics said yesterday.
"Several factors are responsible for the moderation, chief of which is the quicker pace of policy tightening seen in the first quarter," said Moody's analyst Alaistair Chan. "Higher reserve ratios, tougher restrictions on bank lending, two interest rate increases since October and an appreciating currency are taking the heat out of the economy."
Heavy industry increased 14 percent in April, against the 15.6 percent growth in March, and light industry grew 11.9 percent, slower than the 12.8 percent gain a month earlier.
Auto production eased 1.6 percent last month to 1.57 million units, after rising 9.9 percent in March.
"The ending of tax breaks on small-engine auto purchases this year has dampened sales growth substantially, resulting in lower auto production," Chan said.
Although steel production gained 7.1 percent to 59 million tons, it was slower than March's 9 percent rise, and cement output also posted a smaller increase of 22.4 percent against the 29.8 percent growth in March, the bureau said. Electricity output also expanded slowly at 11.7 percent in April from 14.8 percent the month before.
Meanwhile, urban fixed-asset investments rose 25.4 percent to 6.27 trillion yuan (US$966 billion) in the first four months of this year, slightly faster than the 25 percent increase in the first three months, the bureau said.
Industrial output gained 13.4 percent year on year in April, compared with a 14.8 percent increase in March, the National Bureau of Statistics said yesterday.
"Several factors are responsible for the moderation, chief of which is the quicker pace of policy tightening seen in the first quarter," said Moody's analyst Alaistair Chan. "Higher reserve ratios, tougher restrictions on bank lending, two interest rate increases since October and an appreciating currency are taking the heat out of the economy."
Heavy industry increased 14 percent in April, against the 15.6 percent growth in March, and light industry grew 11.9 percent, slower than the 12.8 percent gain a month earlier.
Auto production eased 1.6 percent last month to 1.57 million units, after rising 9.9 percent in March.
"The ending of tax breaks on small-engine auto purchases this year has dampened sales growth substantially, resulting in lower auto production," Chan said.
Although steel production gained 7.1 percent to 59 million tons, it was slower than March's 9 percent rise, and cement output also posted a smaller increase of 22.4 percent against the 29.8 percent growth in March, the bureau said. Electricity output also expanded slowly at 11.7 percent in April from 14.8 percent the month before.
Meanwhile, urban fixed-asset investments rose 25.4 percent to 6.27 trillion yuan (US$966 billion) in the first four months of this year, slightly faster than the 25 percent increase in the first three months, the bureau said.
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