China's Industrial Output Hits US$35.5b in November

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Last updated at: (Beijing Time) Thursday, December 12, 2002

China's Industrial Output Hits US$35.5b in November

China's industrial output rose a year-on-year 14.5 per cent in November compared with a year ago, the National Bureau of Statistics said Tuesday.

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China's industrial output rose a year-on-year 14.5 per cent in November compared with a year ago, the National Bureau of Statistics said Tuesday.

Industrial output in the month reached 294.9 billion yuan (US$35.5 billion), the bureau said in its monthly report.

The growth was 0.3 percentage points higher than the previous month and also the highest growth so far this year, it said.

For the first 11 months, the country's industrial output grew a year-on-year 12.4 per cent to 2,826.6 billion yuan (US$340.6 billion).

Three major industries of electronics, transportation equipment manufacturing and machinery accounted for 40.1 per cent of the total industrial output, the bureau said.

The three sectors contributed 5.8 percentage points to the entire industrial growth.

Car production topped 110,000 in November, up 77 per cent from a year ago, while output of all kinds of vehicles rose 49.3 per cent in the month to 325,000 units, the bureau said.

"The automotive craze is still continuing," the bureau said.

Output of electronics products like mobile telephones, optical telecom equipment and computers jumped from 39.4 per cent to 84 per cent, the bureau said.

Zhang Xueying, a senior economist with the State Information Centre, said the rapid growth of industrial output was partly due to increasing external demand resulting from the recovery of the world economy.

In November, exports by the industrial sector reached 186.1 billion yuan (US$22.4 billion), a year-on-year increase of 25.9 per cent.

"The country's efforts to stimulate investment and consumption to expand domestic demand also contributed to the rapid industrial growth," Zhang said.

The rapid growth in industrial output is good news for China's economy as the industrial sector contributes about 60 per cent to the gross domestic product, he said.

Niu Li, another senior economist with the State Information Centre, said domestic investment and consumption as well as exports will continue to have a great impact on the country's industrial sector and the whole economy.

"China will continue to fund the vast infrastructure projects," he said.

"This will benefit heavy industries, which is expected to sell more goods such as steel and cement."

More foreign investment is also expected to flow into China after a year of being a World Trade Organization member and because of the country's steady economic growth and sound social order, experts said.

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