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China's industrial output surges in November ( 2003-12-10 16:48) (Agencies)
China's industrial production in November surged a higher-than-expected 17.9 per cent year on year, adding to evidence that demand for steel and raw materials in the world's fastest growing major econony continued unabated.
Value-added industrial output, China's key measure of factory production, increased in November to Rmb396.6bn mainly on demand for cars and mobile phones, the State Statistical Bureau said on Wednesday. Analysts had expected a rise of 17 per cent year on year.
November's figure was the highest since February, when China's manufacturing sector recorded 19.8 per cent year-on-year growth, and also exceeded the 17.2 per cent growth rate in October.
For the first 11 months of the year, industrial output expanded 16.8 per cent year on year to Rmb3,669bn.
Production of cars and mobile phones - retail items heavily sought by China's growing middle class - surged 71.6 per cent and 24.5 per cent, respectively, reflecting both the strength of the country's exports and demand driven by consumer spending.
The latest data is certain to heighten concerns that China's economy, which is projected to grow more than 8 per cent this year, is overheating. In November, China reported a 40 per cent year-on-year rise in imports to $35.2bn, setting the country on course to eclipse Japan as the world's third largest importer behind Germany and the US.
Imports have been fuelled by ravenous demand for construction materials amid soaring investment in real estate and for products such as steel in the vehicle industry.
Investors also are worried that China may be facing accelerating inflation. The country's consumer price index (news - web sites) rose 1.8 per cent year-on-year in October, making it the largest increase since the current measure was introduced in 2001.
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