Industrial production in China expanded 4.5% in August from a year earlier, up from a 3.7% increase in July, according to official data released Friday, hinting at a stabilization of the economy, which has been lackluster over the past several months, reports Nikkei Asia. The National Bureau of Statistics also said August’s retail sales of consumer goods, an indicator of household spending, grew 4.6% from a year earlier, up from July’s 2.5% growth.
The latest monthly economic performance figures come as credit grows sharply, with outstanding yuan-denominated loans jumping to RMB 1.36 trillion ($188.63 billion) in August, up from RMB 345.9 billion in July. Policy support was among the likely reasons for the rise in corporate lending and bond issuance.
Deflationary pressure eased after the consumer price index inched 0.1% higher in August, reversing a 0.3% contraction in the previous month, while the decline in exports and imports also slowed in August.