BEIJING: China’s industrial output rose 9.6% in May from a year earlier while retail sales gained 13.8%, a government report showed today.
The increase in industrial production reported by the National Bureau of Statistics compared with the 9.8% median estimate in a Bloomberg News survey of 27 economists and 9.3% in April.
Fixed-asset investment excluding rural households rose 20.1% in the first five months of the year, compared with forecasts for a 20% gain. Retail sales growth compared with estimates of 14.2% and April’s 14.1% increase.
The data follow reports today showing inflation in May eased to the slowest in two years and producer prices fell for a third straight month.
China this week cut borrowing costs for the first time since late 2008 and loosened controls on banks’ ability to set lending and deposit rates, stepping up efforts to combat a deepening slowdown in the world’s second-biggest economy.
Growth was 8.1% in the first three months from a year earlier, the fifth quarterly deceleration and the slowest pace in almost three years, as Wen’s crackdown on the property market cooled domestic demand and Europe’s debt crisis crimped overseas sales. (Bloomberg/aph)
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