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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5359)	8/15/2005 12:55:44 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China's Industrial Output Rises 16.1%, Led by Autos (Update4) Aug. 15 (Bloomberg) -- China's industrial production rose 16.1 percent in July as companies including General Motors Corp. and Huaneng Power International Inc. boosted output to meet rising demand in the world's fastest-growing major economy. Production increased to 581 billion yuan ($71.7 billion), the highest ever after June's record 619 billion yuan, the Beijing-based National Bureau of Statistics said on its Web site today. Car output jumped 55 percent from a year earlier. The report adds to evidence that China's economy, having averaged 8.6 percent growth over the past decade, is sustaining a rapid pace of expansion as Premier Wen Jiabao restricts property development to help ease power shortages and keep inflation in check. Figures released last week showed the money supply expanded in July at the fastest pace in more than a year and retail sales reached a four-month high. ``The economy seems to be in a `Goldilocks' situation: strong growth with no inflation,'' said JPMorgan Chase & Co. economist Frank Gong, who is predicting 9 percent growth this year. ``The surprise could still be on the upside given the still very loose monetary policy and very strong consumption.'' Even so, July's increase in industrial production was the smallest since April and less than the 16.8 percent gain reported for June. The median forecast in a Bloomberg News survey of five economists was for output to have risen 17 percent. Modest Slowdown ``We've seen a very modest slowdown, which is what the government wants, but the story remains unchanged; very strong growth,'' said Tim Condon, chief Asia-Pacific economist for ING Bank in Singapore. Overseas companies including Dell Inc. are building factories in China to benefit from the nation's growing affluence. Dell, the world's largest personal-computer maker, said its China sales surged 30 percent in the first half and it is building a second factory in the country to meet demand. Total contracted foreign investment in China, or investment pledged but not yet used, surged 19 percent to $98.6 billion in the first seven months of the year, the commerce ministry said today. The Asian Development Bank estimates that China attracted almost 14 times more foreign investment last year than India, which today reported an 11.7 percent increase in industrial production for June. bloomberg.com