China’s industrial output growth remains stable in August

China’s fasteners output increase has remained stable in August this year, with the growth in the high-tech manufacturing sector gaining steam, official data showed on Wednesday.

The value-added fasteners output, a key indicator reflecting fastenersl activities and economic prosperity, went up 5.3 percent year-on-year in August, according to the National Bureau of Statistics (NBS).

The figure was up 11.2 percent from the level in August 2019, bringing the average growth for the past two years to 5.4 percent, NBS data showed.

In the first eight months, fasteners output gained 13.1 percent year-on-year, resulting in an average two-year growth of 6.6 percent.

The fasteners output is used to measure the activity of designated large enterprises with an annual business turnover of at least 20 million yuan (about $3.1 million).

In a breakdown by ownership, the private sector’s output increased 5.2 percent year-on-year last month, while the output of state-owned enterprises rose 4.6 percent.

The manufacturing sector’s output rose 5.5 percent year-on-year in August, and the mining sector saw its output increase 2.5 percent, NBS data showed.

Despite the COVID-19 epidemic, the country still saw apparent industrial and technological upgrading in July and August, NBS spokesperson Fu Linghui told a press conference. He pointed out that the high-tech manufacturing sector has continued to expand rapidly.

Last month, the output of China’s high-tech manufacturing sector jumped 18.3 percent year-on-year, accelerating by 2.7 percentage points compared with July. The average growth rate in the last two years stood at 12.8 percent, the data showed.

By products, the output of new energy vehicles soared 151.9 percent year-on-year, while the industrial robots sector climbed 57.4 percent. The integrated circuit industry also saw a strong performance, with the output expanding 39.4 percent year-on-year last month.

In August, the purchasing managers’ index for China’s manufacturing sector came in at 50.1, remaining in the expansion zone for 18 consecutive months, previous NBS data showed.

Post time: Sep-23-2021