Chinese Industrial Production Higher than Expected
October 18, 2012 Leave a comment
Chinese Industrial Production (IP) grew 9.2% in September (year-on-year), a higher level than expected. This is a welcome reversal of the downward trend in China’s IP growth since May 2012. Overall, Chinese IP growth this year is low. The average so far this year is 10.15%, compared to 13.76% in 2011 and a poor 2010 (11.1%) that saw a low of 3.8% growth in January 2010. An increase in IP growth also indicates a return to stability in the Chinese economy, which is vital for shipping, . While it is too early to say this is a turning point for the shipping markets, it may indicate the floor is in sight.