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China’s industrial output saw a year-on-year increase of 7.0 per cent in the first two months of 2024, surpassing the 6.8 per cent growth rate of December and exceeding expectations, Reuters reported on Monday.
This strong start to the year provides some comfort to policymakers, as the National Bureau of Statistics (NBS) reported a growth rate significantly higher than the 5.0 per cent predicted by a Reuters poll.
Retail sales increased by 5.5 per cent in the same period, a slowdown from December’s 7.4 per cent but slightly above the anticipated 5.2 per cent growth.
Fixed asset investment grew by 4.2 per cent, outperforming the expected 3.2 per cent and showing an improvement from the 3.0 per cent growth in 2023.
