Economy

China's industrial output to rise 13.5% in 2010: Official

(Xinhua)
Updated: 2010-10-28 10:58

BEIJING - China's industrial value-added output in 2010 is expected to be 13.5 percent more than in 2009, spokesman for the Ministry of Industry and Information Technology (MIIT) Zhu Hongren said at a news conference Thursday.

China's economy is undergoing a key period of transformation and returning to steady growth, Zhu said.

According to data from the National Bureau of Statistics, industrial value-added output expanded 16.3 percent year on year in the first nine months, with third quarter industrial value-added output rising 13.5 percent.

Related readings:  China's industrial output up 16.3% in Jan-Sept

Zhu said China will shut down backward production facilities in a number of industries.

By the end of the year, 30 million tons of iron foundry capacity will be eliminated while 91.55 million tons of cement-making facilities are closed. Some 8.25 million tons of steel-making capacity will also be shut down.

Industrial value-added output measures the final results of industrial production at industrial enterprises. It is the value of gross industrial output minus intermediate inputs, such as raw materials and labor.