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Repeats Story Initially Transmitted at 03:34 GMT Dec 14/22:34 EST Dec 13
BEIJING (MNI) - Chinese industrial output growth slowed in November for the
second month in a row, reinforcing expectations of a slowdown in China's economy
during the final quarter of the year.
Industrial output grew 6.1% on a year-over-year basis in November, the
National Bureau of Statistics (NBS) said Thursday, matching the MNI survey
median forecast. The November result was down from 6.2% in October and 6.6% in
September and was the second lowest growth rate this year, only above the August
rate of 6.0%.
On a seasonally adjusted basis, industrial output increased 0.48%
month-on-month in November, down slightly from 0.50% in October and 0.56% in
September. It was also below the m/m growth rate of 0.51% in November 2016.
For the January-November period, industrial output increased 6.6% on a
year-on-year basis, lower than the January-October growth rate of 6.7%.
The Chinese economy has "strong durability," the NBS said.
"The Chinese economy is stable and has strong durability," NBS spokesperson
Mao Shengyong said on Thursday. "Given last year's base was relatively high and
uncertainties began to increase internationally, especially the recent campaign
to push structural reform and pollution prevention, November data showed the
strength of th durability that the Chinese economy has."
In November, output of state-owned enterprises increased 6.3% year-on-year,
lower than 6.6% growth in October but higher than the 4.4% growth last November.
Output of joint-stock enterprises increased 6.2% year-on-year, accelerating
slightly from 6.1% growth in October but lower than the 6.6% growth last
Manufacturing sector growth was 6.8% year-on-year, higher than the 6.7%
gain in October and the 6.7% growth rate in November 2016.
Mining sector output declined 1.7% year-on-year, down from the 1.3%
contraction in October but improving from the 2.9% contraction posted last
Production in the electricity, heating, gas, and water production and
supply sector rose 4.5% compared with the same period last year, well below the
9.2% growth rate in October and the 9.9% growth rate last November.
"We expect the industrial output to slow very gradually in the fourth
quarter compared with the third quarter, so that the overall downward pressure
on the Chinese economy remains quite limited," analysts at Huatai Securities
The government's supply-side structural reforms were also reflected in the
output statistics. The campaign to cut over-capacity in the steel and coal
sectors has already exceeded the government's target for the year, NBS said.
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