China’s industrial activity picked up at the start of the year in a boost for policymakers as they struggle to counter a two-year property slowdown that continues to weigh on the world’s second-largest economy.
Industrial production leapt 7 per cent year on year in January and February, combined data from the National Bureau of Statistics showed, the fastest rate of growth in almost two years and above an anticipated 5 per cent rise from economists polled by Reuters. Retail sales added 5.5 per cent, in line with expectations.
China’s economic data is being closely watched for any signs of improved momentum after a period marked by deflation, low consumer confidence and a property cash crunch that has spread to some of the country’s most trusted developers in the past year.