China Industrial Production

China’s industrial production grew by 5.4% year-on-year in September 2024, exceeding the 4.6% forecast and up from August’s 4.5%, which marked a five-month low. This acceleration is a clear sign of the government’s efforts to revive economic activity. The growth represents the fastest expansion since May, with the manufacturing and utilities sectors leading the way.

Key Sectors Drive Industrial Expansion

Manufacturing output rose by 5.2%, up from 4.3% in August, showcasing the resilience of China’s industrial base. In particular, the electricity, heat, gas, and water production sectors saw a surge of 10.1%, reflecting increased demand for energy. Mining growth remained stable at 3.7%, indicating a steady performance in this sector.

Sector Performance Breakdown

Out of 41 major sectors, 36 recorded positive growth. Notable gains were seen in railway, ship, and aviation (13.7%), computer and communication (10.6%), and non-ferrous metal smelting (8.8%). However, the non-metallic mineral products sector experienced a 3.8% decline, highlighting areas where demand remains weak amid broader industrial expansion.