Chinese Industrial Production Slows in JulyThe growth rate of industrial production in China slowed down in July by two percentage points over the previous month to 8.1 percent year-on-year, official figures show.According to figures released by the National Bureau of Statistics (NBS) Thursday, industrial production grew 10.7 percent year-on-year during January-July, 0.3 percentage points slower than in the first half of the year. NBS said that the slowdown in industrial production growth was due to a number of factors, including weakening growth momentum in the global economy, high temperatures hindering production in some parts of the country during the summer season and a relatively high growth rate in the same month of last year. According to NBS figures, the added value that Chinese industrial enterprises produced in July totaled 220.1 billion yuan, compared with 1,501.2 billion yuan for the first seven months of the year. State-owned industrial enterprises continued to maintain rapid growth in production in July, boosting the added value by 7.9 percent year-on-year to 124.5 billion yuan. The production of share-holding companies grew 8.8 percent in July, while the production of overseas-funded companies, collective enterprises and township enterprises rose 9.6 percent, five percent and 5.9 percent respectively. In July, heavy industry saw a faster production growth rate than light industry. |
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