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Industry recovering though exports still weak
By Richard Fu |
October 25, 2012, Thursday
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Online Edition
Online Edition
CHINA'S industrial output may grow faster in the fourth quarter than in the third quarter, but the expansion is limited by weak export demand, the Ministry of Industry and Information Technology said today.
The improvement has been confirmed by the country's rising electricity output and purchasing managers' index, Zhu Hongren, the ministry's spokesman and chief engineer, told a press conference in Beijing.
Still, external risks remain as the European debt crisis lingers, Zhu said. Europe is the largest market for Chinese goods.
Accelerated industrial production will help China achieve its 7.5 percent economic growth target for 2012, Zhu said, adding that factory output accounts for more than 40 percent of China's gross domestic product.
Data from the National Bureau of Statistics showed this week that industrial output rose 9.2 percent in September, up from August's rise of 8.9 percent. This is an indication that the nation's seven-quarter economic slowdown may be ending.
Industrial output expanded 10 percent in the first nine months of this year. The government has set a full-year target of 11 percent.
The improvement has been confirmed by the country's rising electricity output and purchasing managers' index, Zhu Hongren, the ministry's spokesman and chief engineer, told a press conference in Beijing.
Still, external risks remain as the European debt crisis lingers, Zhu said. Europe is the largest market for Chinese goods.
Accelerated industrial production will help China achieve its 7.5 percent economic growth target for 2012, Zhu said, adding that factory output accounts for more than 40 percent of China's gross domestic product.
Data from the National Bureau of Statistics showed this week that industrial output rose 9.2 percent in September, up from August's rise of 8.9 percent. This is an indication that the nation's seven-quarter economic slowdown may be ending.
Industrial output expanded 10 percent in the first nine months of this year. The government has set a full-year target of 11 percent.
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