World News

Industrial production rises 6.2%

Industrial production rises 6.2%

China's fixed-asset investment growth could quicken, the country's statistics bureau said on Tuesday, after a deceleration in January-October suggested Beijing has pared back some stimulus. Analysts had expected an increase of 7.4 per cent.

Fixed-asset investment growth also slowed to 7.3 per cent in the January-October period, from 7.5 per cent in the first nine months.

Chinese industrial enterprises reported total profit of 5.58 trillion yuan ($840 billion) in the first nine months of the year, up by 22.8 percent year-on-year.

One of the main pieces of the data provided was the stellar industrial output which increased by 6.2% from a year ago.

Growth of property investment slowed to 7.8 percent year-on-year in the first 10 months, 0.3 percentage point lower than that of the first nine months.

But the world's second-largest economy has started to show signs of fatigue, with momentum seen slackening further as Beijing's crackdown on debt risks curbs demand and tighter pollution rules hits factory output.

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The bureau also said that retail sales advanced an annual 10.0% - again missing expectations for 10.5% and down from 10.3% in the previous month.

"These drags continue to be partly offset by still strong infrastructure spending".

Industrial production thus slowed last month from 6.6 percent in September as the government moved to wind down output at some steel factories and smelters in a drive to clean up the nation's smog-ridden cities.

Factories also closed during last month's Communist Party congress, during which President Xi Jinping called for more efforts to protect the environment.

"We must be aware that China is at a pivotal stage for transforming its growth model", NBS spokeswoman Liu Aihua said in a statement. Most China observers say Beijing would not risk a sharp slowdown in growth through its debt and pollution clampdown given a major focus on creating jobs. The growth rate was 14.4 percentage points faster than the same period of past year.


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