China's May industrial output improves, grew 8.9 per cent

China's industrial output grew 8.9 per cent in May from a year earlier, the Chinese National Bureau of Statistics (NBS) said today. It was better than the 7.3 per cent in April indicating improved economic performance.(See: China's April industrial output grows at 7.3 per cent, lower than March's 8.3 per cent)

After seeing the April data, which was lower than that of March's 8.3 per cent, analysts had projected a sub 8-per cent growth in May.

The NBS said in a statement on its website May data records the highest monthly growth since October last year.

In May, value-added of the industrial enterprises above designated size (enterprises with an annual income over 5 million yuan) was up by 8.9 per cent year-on-year as mentioned in the website.

Its expansion dropped 7.1 percentage points from a year earlier but was still 1.6 percentage points above that April 2009 on a month-on-month basis.

The sales ratio of industrial products dropped 0.49 percentage points year-on-year to 97.34 per cent.

The export delivery value of industrial enterprises reached 581.36 billion yuan, a year-on-year, a decrease of 15.0 per cent.

Value-added of the industrial enterprises above designated size increased 6.3 per cent from January to May, YoY.

Output of many of main sectors improved. Textile industry rose 8.3 per cent; non-metal mineral products industry increased 14.7 per cent; general equipment manufacturing industry increased 9.3 per cent; transportation equipment manufacturing industry went up by 12.8 per cent.

Electric machinery and equipment manufacturing industry jumped 11.2 per cent; telecommunication, computer and other electric facilities manufacturing industry increased 4.3 percent; and production and supply of electric power and heat power expanded 1.0 per cent; while that of smelting and pressing of ferrous metals industry ballooned 2.3 per cent.

Outputs of main products that improved are crude coal reached 250 million tons, up by 9.6 per cent year-on-year pig iron, crude steel and rolled steel stood at 45426, 46460 and 57291 thousand tons, up 6.0, 0.6 and 7.4 per cent respectively.

Cement was up 13.5 per cent amounting to 150 million tons, automobiles increased 29.0 per cent to achieve 1,148 thousand sets, of which, saloon cars surged 35.0 per cent to 608 thousand sets.

Outputs of main products that fell are crude oil hit 16,032 thousand tons, declined 1.1 per cent; electricity accounted for 283.89 billion kilowatt-hours, fell 2.7 per cent year-on-year.

The industrial output data of May indicate that China's economy is showing signs of recovery.