| Actual | Previous | Consensus | Consensus Range | |
|---|---|---|---|---|
| Month over Month | 0.49% | 0.44% | ||
| Year over Year | 5.2% | 4.8% | 5.0% | 4.9% to 5.4% |
Highlights
Chinese industrial production rose 5.2 percent on the year in December, up from growth of 4.8 percent in November and above the consensus forecast of 5.0 percent. In month-over-month terms, industrial production rose 0.49 percent in December after an increase of 0.44 percent in November.
In their statement accompanying today's data, officials characterised the data as showing the economy"sustained momentum of steady progress in 2025 despite multiple pressures". Although officials refrained from explicitly referring to trade tensions with the United States, they noted that"the impact of changes in the external environment is growing". Officials reiterated their commitment to"more proactive and effective macro policies" but provided no specific guidance about whether changes to policy settings will be considered in the near-term.
Data published today were mixed relative to consensus forecasts. The China's RPI and RPI-P rose from minus 9 and minus 8 to plus 12 and minus 3 respectively, indicating that recent Chinese data in sum are coming in close to consensus forecasts.
In their statement accompanying today's data, officials characterised the data as showing the economy"sustained momentum of steady progress in 2025 despite multiple pressures". Although officials refrained from explicitly referring to trade tensions with the United States, they noted that"the impact of changes in the external environment is growing". Officials reiterated their commitment to"more proactive and effective macro policies" but provided no specific guidance about whether changes to policy settings will be considered in the near-term.
Data published today were mixed relative to consensus forecasts. The China's RPI and RPI-P rose from minus 9 and minus 8 to plus 12 and minus 3 respectively, indicating that recent Chinese data in sum are coming in close to consensus forecasts.
Market Consensus Before Announcement
The consensus sees output up 5.0 percent on year after rising 4.8 percent in October.
Definition
Industrial production measures the change in the total inflation adjusted value of output produced by manufacturers, mines and utilities. Data are compared with the same month a year earlier.
Description
Chinese data can have a broad impact on the currency markets due to China's dominant influence on the global economy and investor sentiment. It's a leading indicator of economic health. Production is the dominant driver of the economy and reacts quickly to ups and downs in the business cycle. No data are published in February for January.
The industrial growth rate is used to reflect a certain period of increase or decrease in volume of industrial production indicators. The indicator can be used to estimate the short term trend of the industrial economy, to judge the extent of the economic boom and also to be an important reference and basis for the formulation and adjustment of economic policies.
The industrial growth rate is used to reflect a certain period of increase or decrease in volume of industrial production indicators. The indicator can be used to estimate the short term trend of the industrial economy, to judge the extent of the economic boom and also to be an important reference and basis for the formulation and adjustment of economic policies.
