News & Reports News Year 2012 November 2012 Steady rise in light industry output

Steady rise in light industry output

CHINA'S light industry grew steadily in the first three quarters of 2012, with the output of major enterprises rising 17.6 percent annually to 12.93 trillion yuan (US$2.05 trillion), new data has shown.

In September, output in light industry rose 17 percent from a year earlier to 1.64 trillion yuan, up 1.8 percentage points from August, according to a statement posted on the website of the China National Light Industry Council. Investment in light industry slowed during the first eight months, because of shrinking export orders caused by the sluggish external demand.
Hopeful sign as China's service PMI rebounds
CHINA'S non-manufacturing industries rebounded in October from the slowest expansion in at least 19 months, adding to signs the world's second-biggest economy is recovering after a seven-quarter slowdown.

The Purchasing Managers Index rose to 55.5 last month from 53.7 in September, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing yesterday. September's reading was the weakest since a new seasonally adjusted series of the gauge began in March 2011.

The non-manufacturing PMI is based on responses from purchasing managers at 1,200 companies in 27 industries, including banking, retailing, construction and transport. A reading above 50 indicates expansion.

"There are increasing signs that the pickup of economic activity in September is more than a one-off phenomenon,'' Ding Shuang, senior China economist at Citigroup Inc in Hong Kong, said before the announcement. The central bank "seems determined to keep liquidity adequate and monetary policy remains accommodative," he said.

China's economic growth cooled to a three-year low of 7.4 percent in the third quarter.