Growth in China’s industrial output slowed in October to its lowest in seven years, adding to signs an economic downturn is worsening as Beijing rushes to launch a massive stimulus package.
Industrial output grew 8.2 percent in October from a year earlier, down from September’s 11.4 percent, the National Bureau of Statistics said Thursday. Citigroup said that was a bigger, sharper decline than during the Asian financial crisis a decade ago.
By JOE McDONALD, AP Business Writer
Adding to the gloom, Premier Wen Jiabao said the impact of the global financial crisis on China is “worse than expected,” the China Daily newspaper reported. It said he made the remark Tuesday as he met with the director of the statistics bureau.
China, the world’s fourth-largest economy, is trying to avert a too rapid slowdown in economic growth with a $586 billion stimulus package announced Sunday. President Hu Jintao is expected to come under pressure to contribute to a global bailout fund at a meeting of world leaders in Washington this weekend but Chinese officials say the most important thing Beijing can do is to keep its own economy sound.