09/10/2012, 00.00
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Chinese industrial output growth declines

The August industrial growth rate in August drops to 8.9 per cent, the first time since the economic boom began. Second quarter GDP growth reaches lowest point in three years. For Hu Jintao, China should however continue to have stable growth but will need to "boost domestic demand".

Beijing (AsiaNews/Agencies) - Chinese output growth continues but at a lower rate. The global economic crisis, changes at the top of the ruling Communist party and the rise of new economic players are putting pressures on the Asian giant.

In August, production increased 8.9 per cent, down almost half a point from a year earlier, the National Bureau of Statistics said in a report.

In April, industrial output growth dropped below 10 per cent; now for the first time, it is below 9 per cent. In July, it was 9.2 per cent on annualised basis.

Fixed-asset investment growth excluding rural households in the first eight months eased to 20.2 per cent, lower than the median estimate of 20.4 per cent.

Retail sales rose 13.2 per cent from a year earlier in August, against 13.1 per cent in July.

Reflecting the industrial downturn, prices of goods leaving factories fell 3.5 per cent year on year last month.

The economy expanded 7.6 per cent in the three months through June from a year earlier, the lowest in three years.

Despite the figures, Chinese President Hu Jintao said that China should continue to have stable growth.

Speaking at the opening of the APEC summit in Vladivostok, the president did nevertheless acknowledge that his country faced "notable downward pressure" and that "exporters are facing more difficulties."

Hence, Beijing "will boost domestic demand and maintain steady and robust growth as well as basic price stability," he added.

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