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Third-quarter production set to soar

CHINA'S industrial production may grow 11.5 percent this quarter from last year's third quarter thanks to the stimulus policy, said a report by the Ministry of Industry and Information Technology together with the Chinese Academy of Social Sciences.

However, weak external demand, lethargic private investment, excessive production capacity and declining producer prices are major challenges that China has to deal with, said the report released yesterday.

It predicted the industrial production may increase 11-12 percent for the whole year, nearly catching up with the 12.9 percent growth of 2008.

"It is high time for China's manufacturing sector to secure a recovery from the blow of the global economic meltdown. Despite the many difficulties and challenges, the performance of Chinese factories has stabilized and has shown a tendency of rebound," said the report.

The conclusion was more optimistic than the one made by the State Information Center, a research unit of the National Development and Reform Commission, which said last week that China's industrial production may grow 10.8 percent in the third quarter.
China's industrial output in the first seven months was 7.5 percent greater than the same period last year.

In July alone, the expansion had picked up to 10.8 percent, according to the National Bureau of Statistics.


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