China’s Industrial production growth continued to accelerate in October, presenting evidence that the Chinese economy is picking up steam after seeing its lowest growth rate in more than three years.
China’s value-added industrial output rose 9.6% year on year in October, picking up from 9.2% in September and 8.9% in August, the National Bureau of Statistics (NBS) announced Friday.
The increase also beat analysts’ forecast of 9.4% for October. The value-added industrial output expanded 10% from one year earlier during the January-October period, the NBS said. The pace of increase was unchanged from that of the first nine months.
Despite signs of a mild improvement in industrial production, the annual growth of value-added industrial output in the first 10 months was still below the government’s target of 11% for 2012.