Industrial production to grow at 13%

Growth in China's value-added output is estimated to ease to 10 percent in the second half, bringing the full-year growth to 13 percent, according to a report released Tuesday jointly by the Ministry of Industry and Information Technology (MIIT) and the ChineseAcademy of Social Sciences (CASS).

"Raw material growth will increase around or below last year's level of 12 percent. Growth in the equipment manufacturing industry, including autos, will hit 18.5 percent, 4.7 percentage points higher than that of last year," Xin Guobin, director of the Performance Inspection and Coordination Bureau of the MIIT, told a press conference.

Xin also predicted a 13 percent growth in the consumer goods industry and more than 15 percent growth in the electronic manufacturing industry.

Growth of industrial value-added output dropped to 15.9 percent in the second quarter from the first quarter's 19.6 percent.

Compared with that in 2008, the industrial operation this year is still stable. "Macro-controls helped to weigh down industrial growth," said Xin.

Higher power prices and the pullback of export rebate rate on high-polluting products restrained the development of the six high-polluting industries, depressing the overall industrial growth.

"Leading economic indicators show growth will continue to slow down," said Xin.

Urban fixed-asset investment in the first seven months grew at a slower pace compared to the first half of the year and the same period of last year.

Source: Global Times