China's industrial output expands 5.6 pct

Source: Xinhua| 2019-12-16 13:19:29|Editor: ZX
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BEIJING, Dec. 16 (Xinhua) -- China's value-added industrial output, an important economic indicator, expanded 5.6 percent year on year in the first 11 months, the National Bureau of Statistics (NBS) said Monday.

The growth rate was flat with that in the first 10 months, according to the bureau.

In November alone, industrial output climbed 6.2 percent, up from 4.7 percent registered in October.

China's industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual business turnover of at least 20 million yuan (about 2.86 million U.S. dollars).

The November output growth indicated stable industrial development and upgrading, NBS spokesman Fu Linghui told a press conference.

In a breakdown by ownership, the output of state-controlled enterprises climbed 3.7 percent last month, that of joint-stock companies went up 7 percent, and that of overseas-funded enterprises rose by 3.2 percent.

Private companies logged an 8.9-percent output increase as a slew of government measures supporting small and medium-sized enterprises took effect, said Fu.

The production and supply of electricity, thermal power, gas and water reported a year-on-year increase of 6.7 percent in November, the fastest among the three major sectors, which also include mining and manufacturing.

Manufacturing output rose 6.3 percent year on year, and mining output rose 5.7 percent.

High-tech manufacturing saw an output increase of 8.9 percent last month, representing continued structural improvement from mere expansion to quality-oriented growth, said Fu.

Tech-intensive and eco-friendly gadgets like smart watches and charging poles are becoming powerful engines of industrial growth, according to Fu.

China's industry development, bolstered by the country's considerable market size and innovation, and will remain a major driver for future economic growth, said Fu.