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Industrial output rises with decline in efficiency

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CHINA'S industrial added-value output last month rebounded to show a growth of 12.9 per cent over October last year, according to the State Statistical Bureau.

The rise was 1.5 percentage points higher than that of September with the industrial added value totalling 151.3 billion yuan (about HK$140.56 billion), fuelled by bank loans to the sector, Xinhua (the New China News Agency) quoted the bureau as saying.

China's industrial economic efficiency has been declining this year, with the composite efficiency index falling 4.21 points from a year earlier to stand at 88.14 last month.

The bureau said the index for the state sector was even lower but it did not reveal the figure.

It warned of the urgency to improve the quality of industrial growth particularly at a time when debt and stockpiles were on the rise.

'The growth rate was more a negative than a positive sign,' said Merrill Lynch senior economist (Asia Pacific) Nicholas Kwan.

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