ECONOMY

China’s Industrial Output Growth Picks Up

Published: Oct. 19, 2026 5:24 p.m. GMT+8

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China’s value-added industrial output grew 5.5% year-on-year in September, matching market expectations as export deliveries posted their fastest growth in more than five years.

Data released Monday by the National Bureau of Statistics showed that the growth accelerated from August, while growth for the first three quarters stood at 5.3%.

The September reading matched the average forecast in a Caixin survey of 11 institutions.

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China's industrial output grew 5.5% year-on-year in September, matching forecasts and accelerating from August; Q1-3 growth stood at 5.3%.
Manufacturing output rose 6%; nominal export deliveries surged 17%, the fastest since April 2021.
Mining returned to growth, but solar cell output fell; consumer goods output stayed weak, with cement and industrial power generation declining.

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1. China's value-added industrial output grew by 5.5% year-on-year in September, matching market expectations, according to data from the National Bureau of Statistics. Export deliveries posted their fastest growth in more than five years during this period. [para. 1]

2. The September growth rate accelerated compared to August, and the cumulative growth for the first three quarters of the year stood at 5.3%. The September reading also matched the average forecast in a Caixin survey of 11 institutions. [para. 2][para. 3]

3. Manufacturing remained the primary driver of industrial output, growing 6% year-on-year in September, though this pace was slightly slower than in August. The electronics and transportation equipment sectors continued to expand rapidly, providing significant support to overall industrial activity. [para. 4]

4. External demand delivered a strong boost to industrial performance. The nominal export delivery value of major industrial enterprises rose by 17% year-on-year in September, marking its fastest growth since April 2021. [para. 5]

5. Performance in other sectors was mixed. Mining output returned to growth, and new-energy vehicle production maintained strong expansion. However, solar cell output declined as efforts to curb excessive competition in that sector were intensified. [para. 6]

6. Consumer goods manufacturing remained relatively weak, reflecting sluggish domestic demand conditions. This weakness highlighted the ongoing imbalance between external and internal consumption drivers in China's economy. [para. 7]

7. Other indicators underscored persistent weakness in parts of the domestic economy. Crude steel output was flat in September, cement production continued to decline, and industrial power generation fell for the third consecutive month. These figures point to ongoing softness in construction-related and energy-intensive sectors. [para. 8]

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