China's economic recovery accelerated in August after government investment continued to fuel growth and banks increased lending, new data released on Friday showed.
New loans rose unexpectedly to Rmb410bn in August, compared with Rmb356bn in July. But the amount was still down sharply from Rmb1,530bn in June as Beijing reined in bank lending amid fears of bubbles in the property and stock markets.
Industrial production expanded 12.3 per cent from a year earlier, more than economists' forecast, as state-funded projects drove output in heavy industries up 13.2 per cent year-on-year.
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