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China's industrial output growth hits record low

By Fu Jing (chinadaily.com.cn)
Updated: 2008-12-15 18:40

China's industrial growth slowed more sharply than expected in November on declining orders and investment stagnancy both at home and abroad, with some sectors like electricity and auto slipping into the red further, according to the latest official data.

Special coverage:  Coping with Crisis Related readings:  China's industrial output growth slumps to 5.4% in Nov  7 measures to boost industrial output  China's value-added industrial output up 14.4%  Industrial output set to fall

The National Bureau of Statistics (NBS) Monday said industrial growth last month rose 5.4 percent year-on-year, plunging 11.9 percentage points from a year earlier. The November figure is the country's weakest in the last ten years.

The shrinking figures have also caused concern for the central government as industry accounts for nearly half of China's economy. Zhang Ping, minister of the National Development and Reform Commission, said over the weekend: "The too rapid and broad slide of industry has posed a threat to the stable development of China's economy."

The pace of growth decelerated for a fifth straight month, according to the NBS.

Industrial output grew at an annual rate of 8.2 percent in October, sharply down from 11.4 percent in September.

By sector, industrial output rose 6.2 percent for the textile industry, 11.6 percent for the non-metal mineral sector, 8 percent for equipment manufacturers and 3.6 percent for transport equipment producers. However, industrial output for the raw chemical materials and chemical products sector fell 3.3 percent last month.

China produced 230 million tons of raw coal and 15.86 million tons of crude oil in November, up 5.2 percent and 4.9 percent, respectively.

Power generation declined 9.6 percent last month from a year earlier. That followed a 4 percent fall in October.

In the first 11 months of this year, industrial output jumped 13.7 percent, down from 14.4 percent in the first 10 months and 18.5 percent during the same period last year.

In a bid to reverse the declining industrial output growth, Zhang said the government is racing against time to roll out stimulus programs for key industrial sectors like automobiles, iron and steel, ship-building, textiles etc.

"More favorable measures will be discussed and made public to help the industries fight the global recession," said Zhang. He, however, did not reveal when the programmes would be launched.

China is expected to focus bulk of its investments next year on developing agriculture, low-cost housing, infrastructure, energy conservation and social welfare. Zhang also said the country will speed up construction of key highways, railways and airports and projects, which can offer longer chain for industrial production.

"The increased investments can help solve the mounting difficulties facing industrial enterprises as infrastructure expansion can boost industrial demand," said Zhang.

The government will encourage and support industrial restructuring and consolidation, especially in the steel, non-ferrous metal and building materials sectors, the industries worst hit by the economic slowdown, he said.

Zhang said the government will also further reduce the tax burden on companies and increase credit support to ease their financial problems.