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China industrial output expects to grow 10.5% for entire 2009: minister

Source xinhuanet 2009-11-20

China's industrial output is expected to grow by about 16 percent year on year this month and in December and the full year industrial output growth could reach around 10.5 percent, Minister of Industry and Information Technology Li Yizhong said here Saturday.

At the 3-day International CEO Roundtable conference, Li said the industrial output growth would guarantee the manufacturing-based Chinese economy should achieve its full-year growth target of 8 percent.

China set the about 8-percent growth target in March this year. The government believes 8-percent GDP growth is essential to generate enough jobs.

According to the minister, China's industrial economy stopped falling and began to stabilize and recover in March this year. In October, China's industrial output rose 16.1 percent from a year earlier, the fastest pace since March 2008 and the sixth consecutive month with an acceleration of year-on-year growth.

Li said the industrial output in October had climbed to the level in June last year, which indicated a V-shaped curve of the recovery of the industrial production activities.

Other figures, such as rising company profit, surging power consumption, and increasing export orders, also pointed to the notable recovery of China's industrial production, he said.

Li also cautioned that the recovery base of China's industrial production was not solid and some industries and companies were still faced with production and operation difficulties.

He said China should continue its efforts to restructure its economy and change growth pattern by promoting innovation and technological upgrading, conserving energy and cutting emissions, and integrating information technologies with industrial development.

According to the minister, the industrial production accounted for 43 percent of China's total GDP in 2008 and contributed 42.8 percent to the GDP growth last year.

Thanks to the global financial crisis, China's economy cooled to its slowest pace in seven years in 2008 and expanded 9 percent from a year earlier to reach 30.07 trillion yuan (4.4 trillion U.S. dollars).