China's industrial output rose by 12.7 per cent year-on-year in August, despite widespread flooding that had been expected to slow economic growth, said the National Bureau of Statistics. The growth rate over the first eight months of the year was 12 per cent higher than in the same period of 2001. Five industries – motor vehicles, telecommunications and electronics, textiles, chemicals and metals – accounted for nearly half of industrial output. The highest growth rate was recorded by the steel sector, where production rose 25 per cent.
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