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China industrial output up 9.0% on-year in July: govt

AFP  Beijing, August 13, 2014
First Published: 11:31 IST(13/8/2014) | Last Updated: 11:34 IST(13/8/2014)

China's industrial production, which measures output at factories, workshops and mines in the world's second-largest economy, rose 9.0% year-on-year in July, the government announced on Wednesday.

Retail sales, a key indicator of consumer spending, increased 12.2% in the same month, the National Bureau of Statistics said, while fixed asset investment, a measure of government spending on infrastructure, rose 17.0% on-year in the first seven months.

The results came after China's economy grew a stronger-than-expected 7.5% in the April-June quarter, accelerating from 7.4% during the first three months of the year, which was the worst since a similar expansion in July-September 2012.

The improvement came after authorities in April began introducing steps to shore up the economy in the form of tax breaks for small enterprises, targeted infrastructure outlays and lending incentives in rural areas and for small companies. The measures have been dubbed "mini-stimulus" by some economists.

China in March set its annual growth target for 2014 at about 7.5%, the same objective as last year. China's economy grew 7.7% in 2013, matching 2012's result, which was the worst since 1999.

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