China industrial production jumps in Q3, adds certainty over the country’s steady expansion

Industrial production in China jumped during the third quarter of this year, adding certainty over the world’s second-largest economy’s steady expansion after having suffered a volatile condition for two long years.

China’s Industrial production, a broad measure of factory output, rose at an annualized 6.2 percent, data released by the National Bureau of Statistics showed Tuesday. That exceeded expectations for an increase of 6.1 percent, which would have been unchanged from the October reading.

Mining sector output fell by 2.9 percent, offset by increases of 6.7 percent and 9.9 percent in manufacturing output and the production and supply of electricity, heat, gas and water. Crude steel output surged by 5 percent compared to a year earlier, jumping to 66.29 million tonnes. It was the highest monthly total since June 2014, data showed.

Electricity output surged by 7 percent year-on-year, rising to 503.4 billion kilowatts. Coal output fell by 4 percent year-on-year to 3.05 billion tonnes, although this was 9 percent higher than the levels of a month earlier.

Meanwhile, the USD/CNY traded at 6.90, down -0.01 percent.