China's industrial output growth picks up in July

BEIJING -- China's industrial output growth picked up in July, according to data released Friday by the National Bureau of Statistics (NBS).

Industrial value-added output expanded 9.7 percent year on year in July, 0.8 percentage point higher than June's 8.9 percent and the highest growth in past five months, data show.

The pick-up highlighted improving market expectations amid a rebound in exports, said Zhang Liqun, an analyst with the Development Research Center of the State Council.

The industrial output growth data reflected a similar acceleration in the manufacturing purchasing managers index (PMI), which rose slightly to 50.3 percent in July from 50.1 percent in June, according to survey results published by the China Federation of Logistics and Purchasing and the NBS last week.

Industrial value-added output measures the final output value of industrial production, or the value of gross industrial output minus intermediate input, such as raw materials and labor costs.

On a month-on-month basis, industrial output growth in July added 0.88 percent from June, according to the NBS.

During the first seven months of the year, industrial value-added output increased 9.4 percent year on year.

State-owned enterprises registered an annual growth rate of 8.1 percent in July, while overseas-funded companies posted growth of 7.9 percent in the month. Joint-equity companies led the gains by expanding 11.1 percent in the month.

China's central and western regions outpaced coastal eastern regions in terms of industrial output development, with growth rates of 10.8 percent, 11.5 percent and 8.8 percent, respectively.

According to NBS data, the mining sector's output increased 5.5 percent, the manufacturing sector's output added 10.5 percent and the output of electricity, gas and water moved up 8.6 percent.