11 November 2009 08:40 [Source: ICIS news]
By Judith Wang
SHANGHAI(ICIS news)--Industrial output in China jumped 16.1% year on year in October, with the chemical sector logging in a strong 25.4% growth, official data showed on Wednesday, indicating that the world's third largest economy is on a firm recovery mode.
All 39 industrial divisions had year-on-year growths, including textile, which registered an 11.1% expansion in October.
“The fast growth of the industrial output indicated
Other economic data also showed positive developments.
From January to October,
Investments in the real estate sector were expected to grow at a high speed, driving investments in other related sectors, including chemicals, said Dong Xian'an, chief economist at Shanghai-based brokerage Industrial Securities.
China's retail sales continued to show strong expansion in October, jumping 16.2% year on year to CNY1,172bn, NBS said.
This condition allows China's central bank to keep a loose monetary policy, thereby maintaining strong credit growth. New lending in October grew 39% to CNY253bn, based on data from the People's Bank of China.
Meanwhile, the country continued to register weakness in exports, which was China's major engine of growth in the previous years.
In October, China's exports declined 13.8% to $110.76bn (€74.2bn), while imports fell 6.4% to $86.78bn, based on customs data.
Industrial Securities' Dong said that the decline in shipments out of China would probably narrow in November while imports would likely post growth.
($1 = CNY6.83 / $1 = €0.67)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections