China releases second quarter GDP data and other key indicators

Paterniano Del Favero
Luglio 17, 2017

China's economy surged 6.9 percent in the first half of the year, fueled by consumer spending and trade, the country's National Bureau of Statistics said Monday.

For the quarter, China's National Bureau of Statistics (NBS) said the economy grew by 1.7% in seasonally adjusted terms, in line with expectations but higher than the 1.3% increase reported in the March quarter.

The result leaves China well placed to meet its 6.5% growth target for the year, though concerns remain over how sharply the economy will slow in the second half.

China's gross domestic product (GDP) for the second quarter continued its pace in the first quarter as industrial output and strong consumption lifted the country's factories.

Driven by double digit growth of nuclear, wind and solar power generation, power output in June increased 5.2 percent year on year to 520.3 billion kilowatt-hours.

The meeting is usually overseen by Premier Li Keqiang, but this year, President Xi Jinping also addressed the conference, making it clear the main focus was to reduce financial risks.

The 6.9 per cent expansion for the second quarter of the year, announced by China today, matched first-quarter growth.

China's strong momentum has fueled global economic expansion and boosted sentiment in worldwide markets.

However, growth is expected to slow over the remainder of the year as Beijing seeks to cool a red-hot housing market and attempts to rein in leverage.

But a sharp slowdown in the second half is unlikely as policymakers prepare for an important Communist Party congress later this year that will likely make Xi the most powerful leader in a generation.

The Chinese government has intensified efforts to fight pollution and use more clean energy.

Mainland markets traded in negative territory for the first half of the day, with the Shanghai Composite down nearly 2.5 percent at one point and the Shenzhen Composite down more than 3 percent. Its solid growth reinforces recoveries for commodity exporters and keeps 2017's pickup in global growth on track.

"China's crackdown on low-end steel has left a capacity gap in the market", she said.

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