China's industrial output increased by 17.1% in August

China’s industrial output increased by 17.1% in August

The National Bureau of Statistics announced that China's industrial output reached to Yuan 349.8 billion (approx. $42.1 billion) in August, up by 17.1% against corresponding period last year. The industrial output also showed an increase of 16.5% in July and 16.9% in June. For the first seven months, the industrial output increased by 16.5% to Yuan 2.53 billion compared to the same period last year. Authorities expressed that output of electronics and telecommunications equipment and machinery equipment firms showed a rapid growth in August while producers of transportation equipment, ferrous metals and chemicals contribute to entire industrial growth. In August, 63.2% increase is observed in output of automobile compared to 169'000 vehicle production recorded in the same period last year. It is observed that industrial sector exports amounted to Yuan 232 billion in August 2003, up by 28.5% compared to August 2002. Authorities expect further growth in production in the coming months. Also, they believe that heavy industries, including cement and steel, will be utilized from the fixed asset investments. Furthermore, rapid industrial growth will maintain the improvement of country's economy this year. During the first half of this year, the country's economy increased by 8.2% against corresponding period last year. It is estimated that the country's economy will be improved by 8% this year despite SARS outbreak.