China's industrial output growth slows down

China’s industrial output growth slows down

China's industrial output rose 16.1 percent year on year in July as companies boosted output to meet rising domestic demand. China's National Bureau of Statistics disclosed that the country's industrial output reached RMB 581.1 billion (around $71.6 billion) in July. However, July's increase in industrial production was the lowest since April and less than the 16.8 percent rise for June. A move by Beijing to restrict real-estate development in an effort to ease power shortages and keep inflation under control was seen as a main reason for the slow down in industrial output. China's steel industry, the world's largest, continued to see strong growth despite a recent cooling in global demand. Pig iron production soared 30.7 percent in July while crude steel output rose 28.6 percent and steel products output increased 28 percent.