China's industrial output up with steel production

China’s industrial output up with steel production

China's industrial production increased 16 percent year on year in August to $73.7 billion thanks to an increase in steel and automobile production. According to the statistics, steel production increased 27.6 percent, pig iron 27.6 percent and raw steel 26.8 percent year on year. In August, passenger car output increased by 46.3 percent year on year. With the August figures, China's industrial production rose 16.3 percent year on year to RMB 4.4 trillion ($544 billion) in the first eight months. According to the Chinese National Bureau of Statistics, steel production in the country may increase 22 percent to 332 million tons by the end of 2005. The percentage increase in China's industrial output for August is almost same as that of July. The increase in industrial production exceeded the predictions of analysts.