October industry output up 16.1% | Shanghai Daily

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November 12, 2009

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October industry output up 16.1%

CHINA accelerated industrial output and investment growth was steady last month, providing new evidence of economic recovery backed by the country's hefty stimulus plan.

Industrial output grew 16.1 percent last month from a year earlier, the fastest in 18 months, following a 13.9-percent increase in September and 12.3 percent growth in August, the National Bureau of Statistics said yesterday.

"The 16.1-percent increase indicated that China's economic recovery is consolidating, but the fast growth was also partly because of the low comparison base a year earlier," said Zhu Baoliang, an economist at the State Information Center.

All 39 sectors that contribute to industrial output grew last month. Manufacturers of transport equipment reported a 28.9-percent rise, followed by a 25.4-percent increase for chemical material producers and 25.1 percent for the ferrous metal smelting and pressing industry.

"Production continues to increase on the back of increased bank lending filtering into more investment and then ultimately production," said Alaistair Chan, an analyst at Moody's Economy.com.

"The increase continues to be felt in domestically driven sectors, notably autos and other transport. Government subsidies for auto purchases are helping, while infrastructure projects such as train links in the interior are boosting transport equipment and machinery production."

The country turned out 1.31 million vehicles last month, up 78.6 percent.

Industrial output grew 9.4 percent overall in the first 10 months of this year, compared with an 8.7-percent increase in the first nine months.

Urban fixed-asset investment jumped 33.1 percent to 15 trillion yuan through October, 0.2 percentage point less than in the first nine months.

"The increase was below market expectations of 33.4 percent, which is partly because of slower investment growth in real estate and infrastructure," said Li Huiyong, an analyst at Shenyin and Wanguo Securities Co.




 

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