China’s manufacturing industry showed signs of stronger growth in August, giving the government more room to intensify reform, The Wall Street Journal reported. Industrial output in August climbed 10.4% year-to-year, up from 9.7% in July and the highest growth rate since March 2012. Meanwhile, total social financing, a broad measure of new credit in the economy, came in at US$259.4 billion, up sharply from July’s US$49.4 billion. August data showed an improving trend, and that the focus of policy would be on measures to support long-term growth, Premier Li Keqiang said on Tuesday at World Economic Forum in Dalian.
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