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Growth in China’s Industrial Output at 17-Year Low
The pace of industrial output in China slumped in May to its slowest pace in 17 years, according to National Bureau of Statistics.
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The pace of industrial output in China slumped in May to its slowest pace in 17 years, according to National Bureau of Statistics.
The news comes a week after the China Assn. of Automobile Manufacturers reported that factory sales to dealers plunged 16%, a record decline after 11 consecutive months of shrinkage.
Industrial output expanded by 5% last month, down from 5.4% in April. The central government quickly responded by releasing 300 billion yuan ($43.3 billion) in support for small banks, Reuters reports.
Analysts predict further stimulus measures, such as new cuts in reserve requirements for banks to encourage more lending. Meanwhile, they say China appears to be preparing for an extended trade war with the U.S.
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