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China's industrial output up 14% in July

Source:   Time:

China's industrial value-added output grew 14 percent year on year in July, a slower expansion than that of June, the National Bureau of Statistics (NBS) said Tuesday.

The July figure was down 1.1 percentage points from that of June, bringing industrial value-added output growth for the Jan.-July period to 14.3 percent, the NBS announced.

On a monthly basis, industrial value-added output rose by 0.9 percent in July, according to the NBS.

Industrial value-added output measures the final results of industrial production, or the value of gross industrial output minus intermediate input, such as raw materials and labor costs.

In May, year-on-year industrial value-added output growth hit a seven-month low of 13.3 percent as a result of government tightening measures and the end of the country's stimulus policies.

China's inflation rate accelerated to a 37-month high of 6.5 percent in July, up from a three-year high of 6.4 percent in June, the NBS announced earlier Tuesday

China's central bank has asked the nation's banks to set aside a record high of 21.5 percent of their cash in reserves and increased its interest rates three times so far this year.

All 39 of the country's industrial sectors posted gains in July, according to a sector-based analysis of the industrial output growth figures.

The NBS said that 98.5 percent of industrial enterprises' products were sold in July, 0.2 percentage points higher year on year.

During the same period, the industrial value-added output of state-owned and state-held companies grew 9.5 percent year on year, while that of collectively-owned and joint-stock enterprises expanded by 9.2 percent and 15.8 percent, respectively.

Industrial value-added output for the heavy industry sector rose 14.5 percent from one year earlier, while that of the light industry sector climbed 12.8 percent.

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