China's industrial production gains pace in Jan-Feb 2024

19 Mar '24

1 min read

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Insights

China's industrial production accelerated in January-February this year along with faster growth in the high-tech and consumer goods manufacturing.
Industrial output rose by 0.56 per cent month on month in February.
Value-added industrial output rose by 7 per cent YoY during the two-month period, the figure for consumer goods manufacturing being 4.7 per cent.

Industrial production in China accelerated in the first two months this year along with faster growth in the high-tech and consumer goods manufacturing sectors, according to the National Bureau of Statistics (NBS).

The growth accelerated by 0.2 percentage points from December 2023.

Industrial output increased by 0.56 per cent month on month in February. The industrial output is used to measure the activity of enterprises each with an annual main business turnover of at least 20 million yuan (~$2.82 million).

Value-added industrial output rose by 7 per cent year on year (YoY) during the two-month period.

The consumer goods manufacturing sector saw its value-added industrial output rise by 4.7 per cent year on year, accelerating by 4.4 percentage points from that in December 2023, NBS spokesperson Liu Aihua was cited as saying by a state-controlled media outlet.

Liu cautioned about the remaining challenges faced by industrial enterprises arising out of a lack of orders and rising costs, and also highlighted the rising innovation capacity in the industrial sector.

Fibre2Fashion News Desk (DS)

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