NBS reports uptick of China’s economy
December 19, 2016 Category Macro-economy, Weekly
China’s economy warmed in November as industrial output grew and investment stabilized, the National Statistics Bureau (NBS) said. Industrial output rose 6.2% annually in November, up from 6.1% in October. The growth was attributed to a strong performance in the electronic equipment and automobile sectors, Mao Shengyong, the Bureau’s Spokesperson, said at a briefing. Private investment grew 3.1% in the first 11 months, a third straight month of growth. It hit a record low of 2.1% in the first eight months of the year. Private investment accounts for 61.5% of overall investment in China. “November activity data surprised the market on the upside, as the economic recovery gained momentum,” said Julia Wang, Economist at HSBC. “Manufacturing investment grew at the fastest pace in a year with a broad-based recovery in heavy industries, machinery and auto, helping to sustain the recovery in private business investment.” She said the government should continue fiscal support to sustain the growth momentum as the economy has just emerged from deflation, and the recovery is still quite uneven. Retail sales of consumer goods jumped 10.8% year-on-year in November to CNY3.1 trillion. China’s fixed-asset investment (FAI) rose 8.3% year-on-year to CNY53.85 trillion in the first 11 months of 2016. Infrastructure investment jumped 18.9% in the first 11 months, while FAI in high-tech industries surged 15.9%. FAI by state-owned enterprises (SOEs) climbed 20.2% year-on-year during the period. Private sector FAI, which accounts for more than 60% of the total FAI, expanded 3.1% in the first 11 months. Growth in property development investment fell slightly to 6.5% after rapid housing price rises in major cities forced the government to impose restrictions on home purchases.
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