China Industrial Production

China's industrial production rose by 7.7% yoy in March 2025, beating market expectations of a 5.6% increase and accelerating from the 5.9% growth recorded in the January–February period. It was the strongest expansion in industrial output since June 2021, ahead of looming hefty U.S. tariffs. All major sectors grew faster: manufacturing (7.9% vs 6.9% in January–February), electricity, heat, gas, and water production and supply (3.5% vs 1.1%), and mining (9.3% vs 4.3%). Within manufacturing, 39 out of 41 major sectors showed expansion, notably computer and communication (13.1%), heat production (3.3%), ferrous metal smelting and rolling processing (7.7%), non-ferrous metal smelting (6.5%), coal mining and washing (10.6%), cars (11.5%), textiles (5.7%), chemical products (8.8%), and oil and natural gas (6.8%). Monthly, industrial output rose by 0.44% in March. In Q1 of 2025, industrial production grew by 6.5%. Last year, industrial output expanded by 5.8%.