China Industrial Production

China's industrial production expanded by 5.9% yoy in January-February 2025 combined, faster than market forecasts of a 5.3% rise, but easing from 6.2% growth in December 2024. The moderation in growth came amid softer increases in manufacturing (6.9% vs 7.4% in December 2024), while electricity, heat, gas, and water production and supply activities grew at the same pace as in December (1.1%). Meanwhile, mining growth accelerated (4.3% vs 2.4%). Within manufacturing, 36 out of 41 major sectors showed growth, notably computer and communication (10.6%), heat production (0.8%), non-ferrous metal smelting (6.6%), coal mining and washing (5.4%), cars (12.0%), chemical products (9.5%), and oil and natural gas (0.9%). On a monthly basis, industrial output shrank by 0.51% in February. In 2024, industrial output grew by 5.8%. China combines industrial production data for January and February to smooth out the impact of the Lunar New Year holiday, which falls at different times each year.