China Industrial Production

China’s industrial production grew by 6.2% yoy in December 2024, surpassing market estimates and the growth rate of 5.4% in November. It was the fastest pace in industrial output growth since April, mainly supported by faster rises in manufacturing (7.4% vs 6.0% in November), amid several stimulus measures since last September. Meanwhile, electricity, heat, gas, and water production and supply activities (1.1% vs 1.6% in November) and mining (2.4% vs 4.2%) continued to rise. Within manufacturing, 34 out of 41 major sectors increased, notably computer and communication (8.7%), heat production (1.2%), non-ferrous metal smelting (9.7%), coal, mining, and washing (2.7%), oil and natural gas (2.2%), textiles (4.6%), cars (17.7%), electrical machinery and equipment (9.2%), chemical products (9.4%), and railway, ship, and aviation (10.6%). For the full year of 2024, industrial output expanded by 5.8%. Monthly, industrial output rose by 0.64% in December, after a 0.46% growth in November.