August economic data suggests Chinese economy's continued momentum

11:01, September 12, 2010      

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Citizens shop at a supermarket in Haikou, capital of south China's Hainan Province, on Aug. 11, 2010. (Xinhua Photo)
China's August economic data released Saturday gave relief to market participants, with the figures demonstrating the economy's continued momentum despite the government's tightening measures and moves to cool the property market.

Higher-than-expected growth in fixed asset investment, industrial production, retail sales and new loans, as well as the August trade data announced Friday, all pointed to the increasing strength of the Chinese economy.


China's industrial value-added output growth accelerated to 13.9 percent year on year in August from July's 13.4 percent growth, the National Bureau of Statistics (NBS) data showed.

The rebound was the first increase in the speed of growth in industrial value-added output this year, after seven consecutive months of decreases in the rate of growth as the government introduced curbs on bank lending to energy-intensive industries and the property market.

"It is a good result," the NBS spokesman Sheng Laiyun said, adding the August output data was a mild rebound from the 13.4 percent growth in July and 13.7 percent growth in June, suggesting China's industrial production stabilized from fast expansion in the first half.

Retail sales growth accelerated to 18.4 percent in August. Urban fixed asset investment also maintained a strong growth in the first eight months, up 24.8 percent from a year earlier.

Further, an unexpected acceleration in China's imports last month pointed to strong domestic demand. Exports grew 34.4 percent year on year in August, slowing from July's 38.1-percent surge, while imports rose 35.2 percent in August, sharply up from the 22.7-percent increase in July, customs data showed Friday.

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