Factory Output Beats Expectation
China's value added industrial output expanded 10.4% from a year earlier in August, beating most analyst forecasts of less than 10%, according to figures from the National Bureau of Statistics. Output from state-owned industrials was up 9.5% and output from foreign-funded industrials was up 8.7%, both of which were much faster than in July.
Power Generation Jumps 13%
China's power generation jumped 13.4% from a year earlier to 498.7 billion kilowatt hours in August; the growth rate was 5.3 percentage points faster than in the previous month, according to the National Bureau of Statistics. In the first 8 months, power generation was up 6.4% year on year to 3.43 trillion kilowatt hours.
Bank Lending Rebounds from July
Central bank figures show banks in China extended 711.3 billion yuan in Renminbi-denominated loans in August, taking the outstanding Renminbi loans to 69.49 trillion yuan as at the end of August 2013. The amount of Renminbi loans in August was up from less than 700 billion yuan in July. Renminbi deposits increased by 805.2 billion yuan in August, taking the deposit balance to 101.46 trillion yuan as at the end of August 2013.
Investment Growth Quickens
Fixed asset investment in China rose 20.3% year on year to 26.26 trillion yuan in the first 8 months of 2013; the rate was 0.2 percentage points faster than in the first 7 months combined, the National Bureau of Statistics said. Fixed asset investment in the primary sector was up 32% to 578.7 billion yuan; fixed asset investment in the secondary sector was up 16.6% to 11.32 trillion yuan; fixed asset investment in the tertiary sector was up 23% to 14.36 trillion yuan.
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