China's industrial output up by another 16%
China’s industrial output rose 16% in August from the same month last year, almost level with the pace of growth in July, the government reported Wednesday.
The rate of increase exceeded analysts’ forecasts and, along with other indicators for the month, suggests that economic growth remains strong despite concerns among some economists that China may be headed for a slowdown.
Value-added industrial output in August totalled $73.7bn (€60bn), the National Bureau of Statistics reported.
Industrial output rose 16.3% in the first eight months of the year, over the same period of 2004, to $544.4bn (€443bn), it said.
Electricity generation and coal output each rose 12% year-on-year in August, automobile production rose 15.8%, crude steel output surged 26.8% and rolled steel output jumped 27.6%, the report said.
Foreign direct investment slipped 3% in August to $8bn (€6.5bn), the government said in figures announced yesterday. However, contracted foreign investment – an indicator of future trends – rose 20.7% year-on-year from January to August to $112.7bn (€91bn).
