Data released on Thursday showed that refineries' output in China in the first two months of 2019 increased by 6.1 percent compared to previous year based on a daily basis record because the emerging privately owned refineries started the operations of their processing facilities. Output growth at China's factories and workshops for the first two months slowed to 5.3 percent on-year, from 5.7 percent in December, a multi-year low and short of forecasts.
Industrial output rose 5.3 percent in January-February, less than expected and the slowest pace since early 2002.
Beijing is rolling out more support measures to avert a sharper slowdown, but many analysts do not expect activity to convincingly bottom out until summer.
It is expected that the domestic oil production on China's three national oil companies will be lifter because of higher spending on exploration and production this year.
Growth in fixed-asset investment, a major growth driver in the past, quickened to 6.1 percent in the first two months of this year, slightly more than analysts had expected and edging up marginally from 5.9 percent in 2018.
Pressured by weak demand at home and overseas, China's industrial output rose 5.3 percent in January-February, less than expected and the slowest pace since early 2002. Past year investment in infrastructure crumbled as China hit the brakes on major projects such as subway lines and motorways to keep a lid on debt.
Private sector fixed-asset investment rose 7.5 percent in the same period, easing from an increase of 8.7 percent in 2018. It is was also predicted that the growth will be small because reserves deplete at the main production fields and as new discoveries tend to be marginal.
Industry data this week showed automobile sales in China fell for the eighth consecutive month in February.
New construction starts measured by floor area were also much weaker, rising 6 percent in January-February from a year earlier compared with the 20.5 percent in December, according to Reuters calculations.
China's state planner announced measures in January to boost consumption of goods ranging from eco-friendly appliances to big-ticket items such as cars, but the size and scope of the subsidy scheme is still unclear. The output increased by 0.5 percent compared to a year ago.
In the January to February period, exports stood at 2.4 trillion yuan, while imports were 2.1 trillion yuan.