China’s industrial output expands 6.2% in 2018

2019-01-21
Xinhua

BEIJING — China’s industrial output expanded 6.2 percent year on year in 2018, slowing from the 6.6-percent growth in 2017, the National Bureau of Statistics (NBS) said Jan 21.

The figure was narrowed from the 6.3-percent growth in the Jan-Nov period last year, according to the NBS.

“Though at a slower pace, China’s industrial output maintained steady growth in 2018 with sharp expansion in emerging sectors,” the NBS said in a statement.

Last year, production in high-tech industries, strategic emerging industries and the equipment manufacturing sector expanded by 11.7 percent, 8.9 percent and 8.1 percent, respectively.

The output of railway passenger cars saw a surge of 183 percent year on year in 2018, while new energy vehicles jumped by 40.1 percent, NBS data showed.

On the other hand, the mining sector grew by a modest 2.3 percent year on year in 2018, lagging behind the 6.5-percent growth achieved by the manufacturing sector.

Amid the drive to restructure and optimize industry, the country aims to reduce overcapacity in traditional sectors such as coal, iron and steel while facilitating growth in emerging areas.

Ownership analysis showed that industrial output of state-holding enterprises was up 6.2 percent in 2018, while the industrial output of enterprises funded by overseas investors increased 4.8 percent.

In December alone, China’s industrial output expanded 5.7 percent, accelerating from 5.4-percent growth in November.

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with an annual turnover of at least 20 million yuan (about $3 million).

The industrial output figures were released by the NBS along with a slew of other major economic indicators for 2018.

China’s economy grew 6.6 percent year on year in 2018, above the official target of around 6.5 percent.