China’s industrial output, which gauges manufacturing and mining activity, grew 5.6pc in August from the year prior and up 4.8pc from the preceding month. It was the best industrial growth since December 2019, stated National Bureau of Statistics.
In August, China’s manufacturing industry increased by 6.0pc from the prior year but unchanged from last month. Mining output rose by 1.6pc against a drop of 2.6pc in the prior month on the back of floods in China. Industries involved in production and distribution of power, heating, gas and water supply (utilities) increased by 5.8pc, 4.1 percentage points of higher over last month.
China’s economy continues to recover from the COVID-19 crisis. Auto component sector’s production rose by 7.6pc in August while equipment manufacturing rose by 10.9pc in August from the prior year. Manufacturing under aerospace, shipbuilding and railways slid 0.3pc from the earlier year. Passenger car sales have also improved in August, up 9pc from the previous year and China Passenger Car Association stated that it is growing strongly in the first weeks of September.
Real estate investment grew by 4.6pc in Jan-Aug period from the prior year with new infrastructure projects down 3.6pc. In terms of area, the Jan-Aug period is up from Jan-July period, when it was down 4.5pc. Real estate sales narrowed in Jan-Aug period after declining by 3.3pc by area from 5.8pc decline reported in Jan-July period. Investment in infrastructure in Jan-Aug was flat from the prior year but improved from the Jan-July’s decline of 1pc.