Li Yizhong, Minister of Industry and Information Technology, shown here, believes China’s industrial output is expected to grow by about 16% year on year this month and in December, and the full year industrial output growth could reach around 10.5%.
At a 3-day International CEO Roundtable conference, Li said the industrial output growth would guarantee the manufacturing-based Chinese economy should achieve its full-year growth target of 8%.
China set the about 8% growth target in March this year. The government believes 8% GDP growth is essential to generate enough jobs.
According to the minister, China’s industrial economy stopped falling, and began to stabilize and recover in March this year. In October, China’s industrial output rose 16.1% from a year earlier, the fastest pace since March 2008 and the sixth consecutive month with an acceleration of year-on-year growth.
China View reported that the minister said industrial production accounted for 43% of China’s total GDP in 2008 and contributed 42.8% to the GDP growth last year.