BoC should hike rate’

BEIJING: China’s efforts to rein its runaway economy have had little effect and a further interest rate hike is the only choice available to the central bank. The China Securities Journal argued in a front-page story that a rate hike was ‘a practical choice’ for officials facing the challenge of carrying out effective macro-economic controls. “Excess liquidity has an impact on the real economy, bringing about the risk of inflation and asset bubbles,” it reported. — AFP

Industrial output up

New Delhi: Indian industrial output rose by 10 per cent in May, a slowdown from 10.8 per cent growth a year earlier as the key manufacturing sector showed no change. However, the May figure would represent a pick-up from April when industrial output in the first month of the fiscal year rose by 9.5 per cent. The average for the April-May period was a gain of 9.8 per cent, compared to 9.5 per cent for the same period last year, the country’s Central Statistical Organisation said. The manufacturing sector grew by 11.3 per cent in May, unchanged from a year ago. The sector has the highest weighting in the index at 80 per cent. — AFP