During January and February, industrial production rose by 5.4 percent compared with the same month last year, according to statistics from the government. It is the lowest level since November 2008. Economists had on average expected a growth of 5.6 percent, according to a survey by Bloomberg News has done.
Although growth in retail sales of 10.2 percent in January -February was weaker than expected. At the same time, figures from China’s central bank to banks’ new lending plummeted in February compared to the month before, despite the government’s efforts to revive lending and thereby stem the slowdown in the economy.
The new loans totaled 726.6 billion yuan, equivalent to more than 930 billion. That compares with a record 2.51 trillion yuan in January. Reduced lending to housing was one of the causes of the collapse.
Analysts had on average expected that the new loans would amount to 1.2 trillion yuan in February. While calendar effects related to the Chinese New Year celebrations are taken into account was the February figure was weaker than expected.
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