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China's industrial output growth slows to 5.9%

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Core Tip:China's value-added industrial output, an important economic indicator, grew 5.9percent year on year in December, down from the 6.2-percent growth recorded in November,official data showed on Tuesday.

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China's value-added industrial outputan important economic indicatorgrew 5.9percent year on year in Decemberdown from the 6.2-percent growth recorded in November,official data showed on Tuesday.

Year-on-year growth for 2015 was 6.1 percentlower than the 8.3-percent growth in 2014, theNational Bureau of Statistics (NBSsaid.

December industrial production growth was weaker than market expectations of 6 percentbut inline with Nomura's forecastaccording to a Nomura Securities report to clients.

Industrial outputofficially called value-added industrial outputis used to measure the activity ofdesignated large enterprises with an annual turnover of at least 20 million yuan ($3.05 million).

Manufacturing output expanded 7 percent in 2015, 2.4 percentage points lower than the previousyearMining output growth decelerated to 2.7 percent from 4.5 percent in 2014.

Last yearthe output for electricityheatinggas and water grew 1.4 percentdown from the 3.2-percent growth in 2014.

Industrial output of state-owned and state-controlled enterprises saw 1.4-percent growth year onyear in 2015, while that of joint stock companies expanded by 7.3 percentMeanwhileindustrialoutput of enterprises funded by overseas investors grew by 3.7 percent.

In 2015, the industrial output in the high-tech sector surged 10.2 percent year on year,significantly higher than the average growth for secondary industry.

In the first 11 months of 2015, total profits of designated large enterprises reached 5.54 trillionyuandown 1.9 percent year on yearaccording to the NBS.

The latest data showed China's industrial upgrades and restructuring have been continuouslyadvancingthe NBS said.

Amid the drive to restructure and optimize industrythe country aims to defuse overcapacity intraditional sectors such as iron and steel while facilitating growth in emerging ones.

The industrial output figure was released by the NBS along with other major economic indicatorsfor December and all of 2015.

China's economy grew 6.9 percent year on year in 2015, the slowest annual expansion in aquarter of a centurywhile growth in the fourth quarter came in at 6.8 percent year on yearthelowest quarterly rate since the global financial crisisthe NBS data showed.

 

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