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China economy recovery gathers pace

China has shown further signs of economic recovery with its industrial output surging and its export slump easing.

Consumer prices also grew year-on-year in November for the first time in 10 months. The index rise of 0.6% beat expert expectations of 0.4%.

Industrial output rose to its strongest position since June 2007.

November's year-on-year fall in exports of 1.2% was the slowest of 2009, although growth had been expected.

Imports rose 26.7% in November from a year earlier. The trade surplus narrowed to $19.9bn in November compared to $24bn in October.


The latest figures generally exceeded the expectations of economists who thought output would rise by 18%. Instead it rose by 19.2% in November compared to 16.1% in October.

The National Bureau of Statistics (NBS) said that retail sales were up 15.8% in November compared to the same time last year.

Sheng Laiyun, spokesman for the NBS said the "mild rise in prices during economic recovery is actually conducive to economic growth and job creation", the AFP news agency reported.

Earlier this week the Chinese government said it would keep its current fiscal and monetary stance for the moment but would crack down on new investments and credit.

Lin Songli, an analyst with Guosen Securities in Beijing said despite the "strong set of figures", there was no expectation of any policy change during the first quarter of next year, the Reuters news agency reported.

Although new lending by banks rose to 294.8bn yuan ($43.17bn; £26.4bn) in November - an increase on October's figure of 253bn yuan ($37bn; £22.7bn), this was still less than the 516.7bn yuan ($75.7bn; £46.4bn) lent in September.

Surce: BBC News

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