China’s industrial production surged to an all time high in July, reflecting the country’s rapid economic transition from a manufacturing-based economy to one that is dominated by the services sector.
Industrial output rose 2.9% year-on-year to 6.27 trillion yuan ($9.2 trillion), according to the Shanghai Composite Index.
The gains were driven by a 6.4% jump in industrial production in services, according to China Manufacturing News, the world’s most widely read economic news site.
The gains in industrial output came despite a fall in overall factory output, which fell 6.2% in June to 1.99 trillion yuan.
The services sector is now China’s biggest industry, accounting for more than two-thirds of all industrial output, and the sector accounts for nearly half of all new industrial production, according the China Manufacturing Forum.
The Shanghai Composite’s data comes from China’s state-owned statistics agency, the People’s Bank of China, which is the government’s economic adviser to the central government.
The central government has been trying to stimulate the economy with stimulus packages, including a $2 trillion loan from the Bank of International Settlements in July.
In July, China also increased the amount of money it will lend to the World Bank and the IMF to help revive its industrial production.
The new money will go to the Bank for International Settlement, the bank’s global lender, which has helped China rebuild after years of economic turmoil and has lent China more than $6 trillion.
Meanwhile, the World Trade Organization’s International Labour Organization said Friday that China is not complying with its obligations under the International Labor Organization’s (ILO) labor standards.
China’s new restrictions are aimed at discouraging the use of migrant workers in the country, a key source of jobs.
WTO officials said China is also not doing enough to improve the conditions for workers, and is using workers who do not meet labor standards to secure contracts.
While industrial production is up, the country has been facing a growing number of labor and environmental problems, and Beijing is cracking down on foreign companies that employ foreign workers in factories.
Industrial production has been declining in recent years, and some economists say the country is at risk of losing its position as the world leader in industrial manufacturing.
Despite the rise in industrial activity, the overall rate of growth in the overall manufacturing sector is still below the OECD average, at 5.3% in the fourth quarter of 2018, according a report from the Oxford Economics Institute.
For the first time in more than five years, industrial production fell below the world average in June, a Reuters/Ipsos survey of economists showed.
Economists have warned that China’s economy is not in a strong position to keep pace with the rest of the world.
Some experts say China’s rapid industrialization is a sign that the government needs to make the country more open to international investment and allow the country to grow its own industries.
“The country is becoming a more open country.
It is becoming more diverse, and more prosperous.
This has the potential to make it stronger,” said Paul Son, an economist at the Peterson Institute for International Economics.