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Increase in output points to recovery

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China's industrial output grew 11.8 per cent year on year to 172.3 billion yuan (about HK$159.8 billion) last month, showing signs of a recovery, the State Statistical Bureau said yesterday.

The bureau said the November growth rate was the highest in nine months.

In the first three quarters, the industrial output rose 11 per cent, compared with 13 per cent in the past two years.

Until October, industrial output, following falls in sales of consumer goods and fixed investment, had been on a downward trend.

Worries about deflation deepened last month when the bureau revealed China's overall economic growth slowed to about 8 per cent in the third quarter - the lowest in recent years.

Economists said the latest figure might suggest a recovery which was expected to gather pace following Beijing's decision last month to announce a sharp cut in interest rates.

In October the ratio of industrial sales to output was 95.91 per cent, up 0.2 percentage points over the same month last year.

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