By Bloomberg News
Sept. 11 (Bloomberg) -- Steel production in China, the world’s largest maker, jumped 22 percent to a record in August from a year earlier, as government spending spurred building and manufacturing demand.
Output reached 52.3 million metric tons last month, the National Bureau of Statistics said today in a briefing in Beijing. That’s 3.2 percent higher than the 50.7 million tons in July and is the fourth straight monthly gain, according to Bloomberg data.
China is spending 4 trillion yuan ($586 billion) to revive its economy, bolstering demand for steel used in cars, houses and railways. The rising production has led to an 18 percent decline in benchmark Chinese steel prices in the past five weeks.
Urban fixed-asset investment for the eight months ended Aug. 31 climbed 33 percent, the statistics bureau also said today. That was more than a 32.9 percent gain through July and the 32.7 percent median estimate in the survey of economists.
To contact the reporter on this story: Helen Yuan in Shanghai at hyuan@bloomberg.net
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