China’s industrial production in August rose 10.4 percent, year-on-year, beating expectations and the rate of increase in July, indicating resurgent growth in the world’s second-largest economy, which posted strong export and manufacturing growth in August after a slowdown earlier in the year.
Industrial output in August was higher than a consensus figure of 9.9 percent and above July’s industrial output growth of 9.7 percent, data released by China’s National Bureau of Statistics showed.
The country also recorded strong retail sales, which rose at a rate of 13.4 percent in August on a yearly basis, higher than the consensus figure of 13.2 percent and July’s retail sales figure of 13.2 percent
China’s urban investment to date in 2013 -- which refers to the total amount spent on activities in construction and purchase of fixed assets -- rose 20.3 percent, compared to the corresponding period in 2012, and marginally above the consensus figure of 20.2 percent and above July’s figure of 20.1 percent.
The better-than-expected figures brought cheer to Chinese stocks, with Hong Kong’s Hang Seng Index gaining 0.79 percent, while the Shanghai Composite index rose 0.66 percent.
Gayathri writes about geopolitics and business for International Business Times. She began her career at the Times of India as news coordinator, before moving on to IBTimes...