State projects boost industry output pace
By Richard Fu |
April 14, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S industrial output rose at a faster pace last month as government infrastructure projects kept major factories expanding despite a weak export front.
Production rose 11.9 percent in March from a year earlier, after rising 11.4 percent in the January-February period, data from the National Bureau of Statistics showed yesterday.
A Bloomberg News economist survey had a median estimate of 11.6 percent.
"This is actually a decent industrial production figure," Glenn Levine at Moody's Analytics wrote in a note.
The industrial output data is closely correlated with gross domestic product growth in China, a mainly manufacturing-driven economy.
The better-than-expected data was partly telegraphed by the strong official Purchasing Managers' Index numbers.
The PMI, earlier released by the China Federation of Logistics and Purchasing, rose to 53.1 in March from 51 in February. This survey is targeted toward big, state-owned enterprises that are tied to domestic demand.
This is in contrast to a separate PMI by HSBC, which is skewed toward smaller, private, and export-oriented firms. That fell to 48.3 in March from 49.6 in February.
"The uptick (in industrial output) was foreshadowed by some good official PMI numbers in the opening months of 2012 as China's large, state-owned factories are still expanding, helped by government infrastructure projects," Levine said.
The Ministry of Industry and Information Technology has projected industrial output to increase 11 percent this year. It rose 13.9 percent in 2011.
Production rose 11.9 percent in March from a year earlier, after rising 11.4 percent in the January-February period, data from the National Bureau of Statistics showed yesterday.
A Bloomberg News economist survey had a median estimate of 11.6 percent.
"This is actually a decent industrial production figure," Glenn Levine at Moody's Analytics wrote in a note.
The industrial output data is closely correlated with gross domestic product growth in China, a mainly manufacturing-driven economy.
The better-than-expected data was partly telegraphed by the strong official Purchasing Managers' Index numbers.
The PMI, earlier released by the China Federation of Logistics and Purchasing, rose to 53.1 in March from 51 in February. This survey is targeted toward big, state-owned enterprises that are tied to domestic demand.
This is in contrast to a separate PMI by HSBC, which is skewed toward smaller, private, and export-oriented firms. That fell to 48.3 in March from 49.6 in February.
"The uptick (in industrial output) was foreshadowed by some good official PMI numbers in the opening months of 2012 as China's large, state-owned factories are still expanding, helped by government infrastructure projects," Levine said.
The Ministry of Industry and Information Technology has projected industrial output to increase 11 percent this year. It rose 13.9 percent in 2011.
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