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MIIT: Chinese Industrial Economy Still Faces Downward Pressure

China News recently reported that the Ministry of Industry and Information Technology (MIIT) just released The 2014 First Half Year Report on China’s Industrial Economy. According the Report, the large scale industrial output growth rate is 0.5 percent lower year-over-year. The manufacturing investment growth rate slowed by 2.3 percent year-over-year, especially in the private sector. The electronic products export level growth rate is 3.7 percent slower year-over-year. Small and medium scale companies are finding it harder to obtain loans. Their financing costs have increased by 17.5 percent. In the meantime, the inventory of industrial finished goods grew 12.6 percent. The information industry is keeping the rapid growth rate at 11.6 percent. However, a quarter of the companies suffered a loss in the first half of the year. The Eastern provinces are seeing some signs of recovery, but the Midwestern and Northeastern provinces are still experiencing economic slow-downs.
Source: China News, August 22, 2014
MIIT Official Site, August 22, 2014