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China’s industrial output continues stable growth

Updated: Jun 14,2018 3:51 PM     Xinhua

BEIJING — China’s industrial output held steady last month as high-tech sectors experienced a renewed momentum in factory activity, official data showed June 14.

Industrial output expanded 6.8 percent year on year in May, slower than the 7-percent rise in the previous month but still faster than the 6-percent increase in March, according to the National Bureau of Statistics (NBS) June 14.

In the first five months, industrial output rose 6.9 percent year-on-year, flat with the first four months of this year.

Industrial output measures the activity of large enterprises with an annual turnover of at least 20 million yuan (about $3 million).

NBS spokesperson Mao Shengyong said the industrial structure has continued to improve through vigorous new economic drivers.

High-tech and equipment manufacturing sectors substantially outpaced last month’s industrial average, with production of new energy vehicles, integrated circuits, and robots up 56.7 percent, 17.2 percent, and 35.1 percent respectively.

Heavy industries continued to be downsized, decreasing the business debt-to-asset ratio. Combined profits of industrial companies saw faster growth in the January-April period.

The production and supply of electricity, thermal power, gas, and water reported the fastest growth at 12.2 percent in May.

The service sector picked up pace, with its production index up 8.1 percent last month, quickening from 8 percent in April. Software, information technology, and business services were all up.

“China’s economy maintained its trend of steady development,” Mao said, adding that the economy has conditions to maintain the sound momentum in the second half of the year and deliver its 6.5-percent growth target in 2018.

Mao also said the impact of the US interest rate hike on the economy would be limited and new measures to increase imports will not affect growth.