China’s factory output rose 10.4 percent in August year-on-year, the government says, the fastest increase since March 2012 – and a sign that the world’s second-largest economy may be on the mend.
According to the National Bureau of Statistics, the steel sector contributed the most to the factory output growth, with a 15.6 percent output expansion. The automobile sector produced 14.8 percent more units and electricity production improved by 13.4 percent.
Other data released on Tuesday showed that retail sales rose 13.4 percent and fixed asset investment also rose during the month.
China’s gross domestic product increased by 7.8 percent in 2012, the worst performance in 13 years.
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