China Industrial Production

Industrial production in China increased 5.3% year-on-year in August of 2021, below market forecasts of a 5.8% rise, and after a 6.4% gain in the previous month. This was the weakest increase in industrial output since July 2020, amid COVID-19 curbs, persistent semiconductor shortages, and measures to control high pollution, with production slowing for both manufacturing and utilities. Production fell for textiles (-2.5% vs -1.0% in July), ferrous metals (-5.3% vs 2.6%); and slowed for transport equipment (1.3% vs 4.6%), machinery (1.3% vs 6.6%), chemicals (5.5% vs 6.6%), general equipment (6.7% vs 7.6%). By products, falls were seen in production of cement (-5.2% vs -6.6%). For the first eight months of the year, industrial production grew 13.1 percent year-on-year.