China's crude steel output up 9.2% YoY in Jan-Feb: NBS

China industrial output growth falls to 17-year low but investment picks

China industrial output growth falls to 17-year low but investment picks

Mao Shengyong, a spokesman for the National Bureau of Statistics (NBS), addressed the doubts on Thursday (link in Chinese), saying that the revision of the GDP data for 2017 was not aimed at pushing up the GDP growth for 2018.

China's survey-based jobless rate rose to 5.3 percent in February, from 4.9 percent in December, the statistics bureau said, though it was below the government's target of 5.5 percent this year.

New home prices in China grew at their slowest pace in 10 months in February in sign of slackening demand as the economy cools further, leaving authorities walking a tight rope between loosening some existing curbs and flushing out speculators. It is was also predicted that the growth will be small because reserves deplete at the main production fields and as new discoveries tend to be marginal.

New household loans, mainly mortgages, totalled 919.2 billion yuan (£103.22 billion) in February, accounting for 22.36 percent of total new loans last month, central bank data showed last week.

Other data released on Thursday showed growth in China's industrial output fell to a 17-year low in the first two months of the year.

Data released on Thursday showed that refineries' output in China in the first two months of 2019 increased by 6.1 percent compared to a year ago based on a daily basis record because the emerging privately owned refineries started the operations of their processing facilities.

Growth in fixed-asset investment, a major growth driver in the past, quickened to 6.1 percent in the first two months of this year, slightly more than analysts had expected and edging up marginally from 5.9 percent in 2018. Beijing is counting on consumers and renewed investment to stabilize the economy.

The growth was faster than the 9.5-percent expansion recorded in past year.

Beijing has tried to restart spending.

During the January-February period, the producer price index, which measures factory-gate prices, edged up by 0.1 percent year-on-year.

US President Donald Trump said yesterday he sees a "very good chance" of reaching a trade deal with China but is in "no rush" to reach an agreement.

The production pick-up followed a rise in profit margins at steel mills over January and February, with earnings from making construction product rebar jumping more than 20 percent from December, according to data tracked by Jinrui Futures.