China Industrial Production Data Misses Estimates

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March 13 (Bloomberg) –- Bloomberg’s Stephen Engle reports on China’s Industrial Production Data and what it means for the country. He speaks to Mark Barton and Anna Edwards on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

Numbers according to the estimates from economists surveyed by bloomberg.

There is a caveat here.

There is seasonal distortion because of the holiday and the later part of january and early february.

Let's begin with fixed assets, urban investment.

17.9% and we were expecting an average of 19.4%. i have done back in the last decade plus and this is the lowest rate for fixed asset urban investment since december 2001. retail sales, 11.1% and we were expecting 13.5%. this is the lowest ace of growth are retail sales since january 2 thousand five.

Industrial output, cumulative year to date, 8.6% growth and we were expecting on average 9.5%. but as the lowest since 2009. premier chang spoke after the national people's congress wrapped up.

What were some of the highlights of his comments?

He touched on a lot of things.

First of all, the growth targets set at 7.5% for the full year and they took a little bit of heat for that.

How will you grow at this rate if you have pollution being so horrendous and that rising.

These are tied to the high-growth rates you are seeing in china.

Backing away a little bit by saying that the target of about 7.5%, they need to be flexible and have a level of tolerance but perhaps a lower figure, or even a higher figure, china needs growth in that area for jobs indicating the urban areas in china created about 10 million new jobs every year.

They need a sustainable level of growth.

China needs to pay greater attention to financial risks.

He is monitoring the dangers from the likes of shadow banking and he has pledged that china must ensure that the financial risks do not threaten the entire system even as some defaults are, as he said, unavoidable referring to last week's first onshore default by the solar company.

Quickly, i will run through some other things.

China says they will keep up the search for the malaysian airline plane.

This is on the minds of most people in china.

153 chinese were on board.

He says they will not give up the search as long as there is a glimmer of hope.

They have 10 satellite snapping images in the gulf of thailand and south china sea.

He had strong words about corruption saying china will have zero tolerance for corrupt officials and that is nothing new.

He talked about pollution stating the obvious that it is a serious issue for people.

They will cut coal consumption by some 22 million metric tons this year.

He talked endlessly about the need for reform.

So many reforms to talk about but in particular, getting markets to play a bigger role in the economy and reducing the dominant role that state-owned enterprises have over the economy.

He said they need to reduce the straitjacket on business.

Quick stephen engle live in beijing.

-- stephen and go live in

This text has been automatically generated. It may not be 100% accurate.

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