China's industrial output accelerates

BEIJING - China's industrial production expanded at faster pace in May, adding to signs for a stabilizing economy, according to the National Bureau of Statistics (NBS) on Friday.

The industrial added-value output rose 8.8 percent in May from a year ago, accelerating 0.1 percentage points from the April figure, the NBS data showed.

Jan-April industrial added value up 8.7%

Industrial profit growth slows

On a monthly basis, the industrial output in May rose 0.71 percent from April.

For the January-May period, the total output in the industrial sector increased 8.7 percent year on year, a growth rate that tied with that in the January-April period.

Value-added industrial 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.

The latest industrial reading was in line with the purchasing managers' index (PMI) in China's manufacturing sector in May, which rose to 50.8 and marked the highest level this year.

"Such signs show that the economy is stabilizing amid the current economic slowdown," said Niu Li, director of the macro projection department with the State Information Center. "The better readings indicate the government's policies to spur the economy are starting to show effects."

The Chinese government has launched a series of "mini-stimulus" measures, including quickening investment approval, tax breaks for small business and targeted cuts for rural lenders, to arrest the current slowdown.

"The current economic growth rate is acceptable within reasonable ranges, but the decelerating risks are still there," Niu said, projecting flat or slower economic growth in the second quarter.