China’s industrial output rose more than expected in August, according to the National Bureau of Statistics, suggesting higher government spending is having the desired effect on demand.
Industrial output rose 6.3 percent in August from a year earlier, its fastest jump in five months. Demand across all sectors spiked, suggesting growth for the year may well remain within the government’s target of between 6.5 and 7 percent.
Car sales hit a three and a half year high, with retail sales up from 10.2 percent to 10.6 percent.
The figures are a welcome change from recent disappointing economic data to come from China, most of which pointed towards a slowdown in growth.
PSBC launches share sale
China’s Postal Savings Bank of China has announced plans to raise $8 billion by listing on the Hong Kong stock market.
It will be the making it the world’s biggest share sale this year, and the largest since AliBaba floated in 2014.
However the response from traders is likely to be weak, with most shares being bought by ‘cornerstone investors’. A group of six cornerstone investors are expected to buy about 72 percent of the shares on offer.
13/09/2016