(MENAFN) China's industrial output hit 11-month high in March, driven by strong demand, signaling the economy is stronger than some estimates, and may rule out the need for an urgent easing in monetary policy, Reuters reported.
According to the data from the National Bureau of Statistics, China's official Purchasing Managers' Index (PMI) jumped to 53.1 in March from 51 in the previous month.
China's factory output slowed in last year as tight domestic monetary conditions aggravated waning global demand.
The data also showed that Chinese industrial firms suffered their first annual drop in profits in January and February for the first time since 2009, suggesting the slump is spreading across sectors.
Falling corporate profits have in turn hit China's banks, with four of its biggest state-owned lenders reporting rising delinquent loans during their quarterly results in March.