China GDP Climbs 6.9% On Year In Q2

17 Juillet, 2017, 21:37 | Author: Marc Bacque
  • Nigerian inflation still records double digit higher food prices in June

The data helped push regional stocks, in the form of the MSCI Asia ex-Japan index, past a two-year high in overnight trading while the yuan gained for a sixth consecutive session against the US dollar after the People's Bank of China raised the midpoint of the currency to 6.7562, its highest level in more than 8 months.

The government is targeting for a growth of around 6.5% in 2017, slightly lower than last year's actual 6.7%, which was the weakest pace in 26 years.

Some 178.73 million rural laborers were working outside their hometowns as of the end of June, up 2.1 percent compared with one year earlier. In most countries, that would be a breathtaking pace.

Debt-fueled investment in infrastructure and real estate has underpinned China's growth for years, but Beijing has launched a crackdown over fears of a potential financial crisis.

The improving economy is no doubt welcome news ahead of an autumn congress of the ruling Communist Party of China, at which President Xi Jinping is widely expected to tighten his grip on power, with leadership keen to ensure a smooth run-up to the meetings.

China's economy is holding steady.

China has many tools for managing a debt buildup. The latest numbers position the economy above Beijing's stated growth target for 2017.

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Steel demand has been vigorous, especially in residential construction. Those steps targeted at speculators in the biggest cities appear to be paying dividends.

According to the bureau, industrial output rose 7.6 percent in June from a year earlier, compared with an estimated 6.5 percent.

June retail sales and factory output both surpassed expectations, growing 11 percent and 7.6 percent, respectively.

Analysts had expected the world's second-largest economy to expand 6.8% in the April to June period. In that respect, there were a few clouds on China's horizon.

Economists in Reuters' poll forecast second quarter GDP to grow 1.7 percent from a quarter ago.

That was the fastest annual increase since December 2015, accelerating away from the 10.7% level reported in May.

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