Chinese output rose 16% in May, while domestic investment grew much faster than foreign investment during the first five months of the year, according to the National Bureau of Statistics of China.


 


The government reported that valued added by enterprises with annual income of more than $730,000 increased 16% for in May over the same period a year earlier. That was 30 basis points faster pace than in April, but 210 basis points slower than in May 2007.


 


 The government estimated the growth rate of the textile industry at 12.1% in May and that the export value of industrial enterprises rose 18.2 percent to 682.5 billion yuan ($99.2 billion). For the first five months of the year, valued added is up 16.3%


 


Total investment in fixed assets rose 25.6% for the January through May period, reaching 4,026.4 billion yuan ($585.0 billion). That included a 31.9% increase in real estate development and an 18% increase in investment by state-owned enterprises. Investment by the central government grew at 18.5%, while spending by local government grew by 26.5%.


 


Investment in foreign funded enterprises rose 16.7% year-on-year, compared to a 14.1% at enterprises with funds from Hong Kong, Macao and Taiwan and  27.1% at enterprises funded with domestic funds.