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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (64284)	6/11/2002 1:16:47 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

China Production Posts Biggest Gain Since Dec. 1996 (Update3) By Alice Yuan quote.bloomberg.com Beijing, June 11 (Bloomberg) -- China's industrial production rose in May at the fastest pace in more than five years, lifted by rising exports and government spending on railways and roads. Production climbed 12.9 percent from a year earlier to 261.7 billion yuan ($31.6 billion), the National Bureau of Statistics said. That followed April's 12.1 percent increase and was the biggest gain since December 1996, the bureau said. China is counting on rising exports, state spending and foreign investment to lift production and help it achieve a 7 percent economic growth target this year. Spending by the nation's 1.3 billion consumers is lagging as job losses mount. ``We'll see a stronger rebound in exports in the third or fourth quarter, and that will help sustain production growth,'' said Yiping Huang, an economist at Salomon Smith Barney in Hong Kong. ``The unemployment problem will constrain a recovery in domestic demand for the next couple of years.'' Falling consumer prices and slowing spending are capping growth in Asia's second-largest economy as mass layoffs at state- run companies prompt people to hold onto their savings.