China Industrial Production Grows More Than Forecast

Industrial output grew by 7.2 per cent in the first two months of the year

The growth was faster than the 6.3 percent growth during the same period a year ago, the National Bureau of Statistics (NBS) said in a statement.

Industrial output in January-February rose 7.2 per cent from the same period a year earlier, the National Bureau of Statistics said, surpassing analysts' estimates for a rise of 6.1 per cent and picking up sharply from 6.2 per cent in December.

Numerous nation's oil fields are ageing after years of use, while high production costs are also crimping output.

CNPC is aiming to produce around 100 million tonnes of crude oil or around 2 million bpd in 2018, the same as the target for 2017, the source said. He declined to be identified as he was not authorised to speak with media.

China's gross domestic product grew at 6.9 percent previous year, the first annual acceleration since 2010.

CNPC's major Daqing oil field in northern China has scaled back production at costly and ageing wells.

China releases combined data for January and February to limit distortions caused by the Lunar New Year holiday, which was in January last year but February this year.

Ownership analysis showed that industrial output of state-holding enterprises was up 9 percent, while industrial output of enterprises funded by overseas investors increased 5.9 percent. The Organisation for Economic Co-operation and Development forecast China's economic growth to soften to 6.7% this year and to 6.4% by 2019.

China is targeting retail sales growth of about 10% this year, but has not announced a goal for industrial output or fixed asset investment.

Many economists expect China's economic momentum to slow this year, weighed down by a cooling property market and the government's clampdown on riskier lending practices, which is pushing up corporate borrowing costs.

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