Published: Wed, March 14, 2018
People | By Leon Thompson

China Industrial Production Grows More Than Forecast

China Industrial Production Grows More Than Forecast

China's fixed-asset investment grew 7.9 percent year on year in the first two months of this year, up from 7.2 percent for the full year of 2017, new data showed Wednesday.

Analysts polled by Reuters had predicted industrial output growth would dip marginally to 6.1% from 6.2% in December, pressured by tough winter pollution restrictions.

Numerous nation's oil fields are aging after years of use, while high production costs are also crimping output.

Over the first two months of 2018, property sales by area rose 4.1 percent year-on-year. In the same period of a year ago, growth stood at 8.9%. He declined to be identified as he was not authorized to speak with media.

"We are expecting domestic production to go down gradually".

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CNPC's major Daqing oil field in northern China has scaled back production at costly and aging wells. The increase outpaced a median forecast for a 6.1% rise by economists surveyed by The Wall Street Journal.

Ownership analysis showed that industrial output of state-holding enterprises was up 9 percent, while industrial output of enterprises funded by overseas investors increased 5.9 percent.

"Output is still well short of gas needs and growth targets".

"Strong industrial output and investment reflect a more powerful economy than expected, backed up by credit growth in January and robust demand", said Shen Jianguang, chief Asia economist at Mizuho Securities Asia Hong Kong.

The nation has been pushing to switch millions of households to gas for heating, part of its drive to clean up the environment.

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