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Date: 10/3/12
From: www.busiunion.com
China's industrial output growth accelerated in the first two months of this year, signaling a consolidated recovery, the National Bureau of Statistics said yesterday.
Premier Wen Jiabao has encouraged the development of modern agriculture, the service industry as well as technology innovation. He also urged that energy, ecological and environmental conservation be improved to accelerate adjustment to the economic structure.
Industrial output expanded 20.7 percent through February, from a 16.9 percent increase in the same period a year earlier and a 18.5 percent rise in December, according to the bureau.
Wang Qing, an analyst of Morgan Stanley said the growth beat our forecast of 20 percent and market forecast of 19.5 percent,this acceleration is consistent with the sharp rebound in exports.
The bureau spokesman Sheng Laiyun said the low base last year, when industrial production gained only 3.8 percent in February 2009, helped the growth in output in the first two months.
The bureau said Output of heavy industry surged 23.7 percent in the period, faster than a 14.5 percent increase for light industry.
Liu Tiejun, an analyst of Haitong Securities Co said "The gap between the two sectors will be narrowed in the second half of this year after the country's efforts to adjust economic structure bear fruit."
In February, industrial output growth slowed to 12.8 percent as many factories suspended production during the week-long Spring Festival.
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