易展国际
Trade  Dynamic
China's industrial output growth falls to 5.4% in November
Release Time: 2008/12/15 0:00:00        From: Made In China.com        Visits: 167541        Font Size: Large  Middle  Small

BEIJING, Dec. 15 (Xinhua) -- China's industrial output rose 5.4 percent year on year in November, 2.8 percentage points lower than October, the National Bureau of Statistics (NBS) said on Monday.
The pace of growth, which decelerated for a fifth straight month, was the lowest since January in 2001, when many factories shut down or cut production for the traditional Spring Festival, according to statistics on the NBS website. It was 11.9 percentage points lower than a year earlier.
The continuous falling was because manufacturers cut production in respond to weak demand from both domestic and global markets, said Shen Minggao, a senior economist with the Caijing Magazine.
The reading of Nov. industrial output growth was quite "ugly", said Zhang Yansheng, head of foreign economic research institution with the National Development and Reform Commission.
The sharp deceleration in industrial production, a major engine driving China's growth, made the target of an 8 percent economic growth impossible for 2008, Zhang said.
Industrial output grew at an annual rate of 8.2 percent in October, the slowest in seven years and sharply down from 11.4 percent in September.
By sector, industrial output rose 6.2 percent for the textile industry, 11.6 percent for the non-metal mineral sector, 8 percent for equipment manufacturers and 3.6 percent for transport equipment producers. However, industrial output for the raw chemical materials and chemical products sector fell 3.3 percent last month.
China produced 230 million tonnes of raw coal and 15.86 million tonnes of crude oil in November, up 5.2 percent and 4.9 percent, respectively.
The automobile sector led the declines in output, falling 15.9 percent, followed by iron and steel and electricity product.
Production of crude steel was down 12.4 percent. Power generation declined 9.6 percent last month from a year earlier. That followed a 4 percent fall in October.
The shrinking power output indicated that the global financial crisis and its fallout were weighing down on the country's real economic activity, said Zhang.
Other economic data released last week has sparked concerns that the country's economy, which has experienced five years of double-digit growth, is hurt worse than previous expectations.
The country's exports totaled 115 billion U.S. dollars last month, down 2.2 percent year-on-year in the first monthly decline since June 2001.
Fiscal revenue dropped 3.1 percent in November from a year earlier, accelerating its decreasing pace in October. The country reported 532.9 billion yuan in fiscal revenue in October, down 0.3percent year on year, the first decline in 12 years.
"The fall in fiscal revenue indicates a sharp slowdown in real economy," said Zhang.
He expected the domestic demand to recover in the second half of 2009 amid the government's endeavor to boost economy by enhancing domestic demand.
China announced a 4 trillion yuan (584.8 billion U.S. dollars) stimulus package last month to boost economy. The money would be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake. It includes money committed for spending before the package was announced.
There was still no sign of a recovering external demand, however, which was expected to get worse, Zhang said, "it has just entered the early winter".
In the first 11 months of this year, China's industrial output jumped 13.7 percent, down from 14.4 percent in the first 10 months and 18.5 percent during the same period last year.
However, the unfavorable industrial output figure did not dampen the country's equity market as pledged policy boosts over the weekend outweighed impact on investor confidence.
The benchmark Shanghai Composite Index added 0.52 percent, or 10.16 points, to close at 1,964.37 on Monday. The Shenzhen Component Index ended up 0.12 percent, or 8.72 points, to 7,101.42.
Aggregate turnover stood at 81.9 billion yuan, down from 107.878 billion yuan on the previous trading day.
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