China’s economy continued to grow rapidly throughout August, according to several major economic indicators released by the National Bureau of Statistics of China today.
Industrial production in August increased by 12.3% year-on-year compared with a 10.8% increase recorded in July.
This was led by a 26.7% increase in the manufacture of transport equipment, 90% up year-on-year, as car makers continue to benefit from cash-for-clunkers schemes.
Investment spending in fixed assets increased by 33.0% in the first eight months of the year to reach Rmb 11,298.5 billion (£1,002.7 billion), 5.6% higher than the first eight months of 2008.
Retail sales of consumer goods increased by 15.4% year-on-year, reaching Rmb 1,011.6 billion. The two biggest increases were in sales of cars, which increased by 34.8% and sales of clothes, which grew by 23.3%.
The consumer price index fell by 1.2% over the year, following a fall of 1.8% in July. Food prices increased by 0.5% whilst non-food prices fell by 2.0%.
Producer prices fell by 7.9% over the year, 0.3% less than in July, and 6.8% over the first eight months of 2009.
However, China’s exports fell by 23% over the year, a greater decline than forecast.
Exports were $103.7 billion (£62.8 billion) in August compared with $134.9 billion a year earlier. Imports fell 17% year-on-year to $88.0 billion.
The trade surplus for August, which fell 45% year-on-year, was $15.7 billion compared with $10.6 billion in July.