China Industrial Production

China's industrial production advanced 2.4% yoy in January-February 2023 combined, faster than a 1.3% gain in December 2022 but less than market forecasts of 2.6%. Manufacturing output quickened following the lifting of the zero-COVID policy, while activity slowed at both mining and utilities. Within manufacturing, output expanded for coal mining & washing (5.0%), oil & gas (4.2 %), chemical raw materials (7.8%), ferrous metal smelting (5.9%), non-ferrous metal smelting (6.7%), non-metallic mineral products (0.7%), electrical machinery (13.9%) electricity (2.3%), and agriculture (0.3%); while production fell for textiles (-3.5%), communication (-2.6%), general manufacturing (-1.2%), and automotive (-1.0%). In 2022, the industrial production grew by 3.6%.