Chinese industrial output surged in November to its fastest pace since June 2007, underlining the economy’s brisk recovery from the global downturn and accompanying the return of consumer inflation and import growth.
Factory output rose 19.2 per cent from a year earlier, beating economists’ expectations of an 18.0 per cent rise and picking up from 16.1 per cent in October. Consumer prices rose in November over a year earlier after nine straight months of declines. The increase of 0.6 per cent beat expectations of a 0.4 per cent rise.
But exports continued to fall from year-earlier levels, contrary to forecasts of a return to growth.
“This is a strong set of figures. But we expect no policy change during the first quarter next year,” said Lin Songli, an analyst with Guosen Securities in Beijing.