Industrial output slows

Growth in China's industrial output slowed to 15.7% on an annualized basis in October, down from 16.1% in September, a report from the National Bureau of Statistics said. In total, production grew to US$59bn, led by steel and household appliances, the bureau said. If growth continues to slow, economists said the trend would suggest that government-ordered loan restrictions are helping to cool the economy, reducing pressure for another rise in interest rates. Industrial output growth has gradually slowed since it reached a peak at 23.2% in the 12 months to February this year, although it registered a pick-up in August and September.