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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China industrial output up, retail spending weaker By JOE McDONALD,AP Business Writer AP - Thursday, March 12 BEIJING - China's industrial output rebounded in February as a massive government stimulus effort took effect but consumer spending weakened, highlighting the challenge of reviving growth in the world's third-largest economy. ADVERTISEMENT Industrial production rose 11 percent in February from a year earlier, driven by a 42.5 percent jump in concrete production, China's statistics bureau said Thursday, showing the impact of the stimulus on new highways and other public works. Vehicle sales, bank lending and investment in factories and other fixed assets also have risen. "The positive effects of the government's aggressive stimulus measures are gradually becoming apparent," Jing Ulrich, JP Morgan's chairwoman for China equities, said in a report to clients. The mixed signals highlight the challenge that Beijing faces in trying to boost growth. Economists say the 4 trillion yuan ($586 billion) stimulus alone cannot fill the gap left by plunging Chinese exports and the government must persuade its own uneasy consumers and companies to spend more. February's industrial output growth was an increase over December's 5.9 percent and November's 5.4 percent _ the low point of the recent slowdown in output. At the same time, growth in retail sales slowed to 15.9 percent over January and February from December's 17.4 percent growth and 22 percent in October, the statistics bureau said. "It seems clear the domestic demand is slowing in China, and this could be happening at a faster pace than the sales data suggest," said Moody's Economy.com analyst Sherman Chan in a report. "Having households pull back on spending is exactly what China does not need." Beijing is trying to prod consumers to spend more with measures that include subsidizing appliance purchases for rural families. But families save heavily for education, health care and other expenses, and analysts say they are unlikely to spend more on consumer goods until Beijing creates a social safety net to ease such burdens. A market research company, DDMA, said a February survey found 45 percent of those polled had cut back on spending, down from 7 percent in January. "Economic concerns are now very much ensconced at the top of the list of most important consumer concerns," said a report by the Shanghai-based company. China's trade decline accelerated in February as exports plunged 25.7 percent from a year earlier. The commerce minister warned this week the outlook for coming months was grim. Beijing set an 8 percent growth target for 2009 but private sector analysts say the expansion could be as small as 5 percent. That would be the strongest for any major economy but a sharp drop from last year's 9 percent at a time when communist leaders worry that mounting job losses could fuel unrest. The rise in industrial production also was driven by a 22.9 percent increase in vehicle output, the statistics bureau said. China's auto industry group says sales of domestically made vehicles surged by 25 percent in February following a sales-tax cut on small cars as part of the stimulus. Also Thursday, the central bank reported that Chinese banks lent 1.1 trillion yuan ($160 billion) in February _ a 300 percent increase from a year earlier _ as state companies and government agencies borrowed to finance stimulus projects. "Banks are surely funding a large amount of bad investments _ or they would have made the loans already _ so this could leave a large swathe of nonperforming loans down the road," said Chan of Moody's Economy.com. "More measures to encourage household spending would help the economy on a more sustainable growth path." ___ AP Business Writer Elaine Kurtenbach in Shanghai contributed to this report. ___ National Statistics Bureau of China (in Chinese): http://www.stats.gov.cn Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China plans subsidies for unemployed migrantsAP - Thursday, March 12 SKorea unveils 4 bln dlr relief package for jobless and poorAFP - Thursday, March 12 Recession fears as Australia jobless rate hits four-year highAFP - Thursday, March 12 China retail sales growth slows, as consumers fretAP - Thursday, March 12 Related Articles: Business BRIEF-Is Bank says raises capital 12 pctReuters - Thursday, March 12 Japan mired in slump, inventories to weigh on recoveryReuters - Thursday, March 12 Raj Television launches Kannada music channelReuters - Thursday, March 12 Australian jobless rate at four-year high as 'economic cyclone' hitsAFP - Friday, March 13 Australia MPs reject bid to sink Rio-Chinalco dealReuters - Thursday, March 12 Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Chimp used planning skills to attack humans Global airlines warn of stormy 2009 German school gunman kills 15 German industrial slump stuns analysts World population to reach nine billion by 2050: UN projections View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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