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China industrial output up 11 percent in February

China industrial output up 11 percent in February

China's industrial output rose 11 percent in February, data showed Thursday, as Beijing's efforts to boost slowing growth in the world's third-largest economy started to take effect.
The rise in output was driven by a 42.5 percent year-on-year jump in concrete production, according to the national statistics bureau, showing the impact of heavy construction spending that is a key element of the government's stimulus plan. Vehicle sales, bank lending and investment in factories and other fixed assets also have risen.
"The positive effects of the government's aggressive stimulus measures are gradually becoming apparent," said Jing Ulrich, JP Morgan's chairwoman for China equities, said in a report.
Beijing has set an 8 percent growth target for 2009 but private sector analysts say the expansion could be as small as 5 percent. That would be the strongest for any major economy but a sharp drop from last year's 9 percent growth at a time when communist leaders worry that mounting job losses could fuel unrest.
Vehicle production rose 22.9 percent, the statistics bureau reported. China's auto industry group said Wednesday that sales of Chinese-made vehicles surged by 25 percent in February following a sales-tax cut on small cars as part of the stimulus.
But China also has been battered by a plunge in global demand for its goods. The decline accelerated in February, with Chinese exports falling 25.7 percent.
The 4 trillion yuan ($586 billion) stimulus is meant to reduce reliance on exports by pumping up domestic consumption through higher spending on construction of airports, highways and other projects.
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http://www.stats.gov.cn


Updated : 2021-04-23 05:24 GMT+08:00