China Maintains Steady Growth In Q2

Paterniano Del Favero
Luglio 17, 2017

The National Bureau of Statistics (NBS) said on Monday that China's economy rose 6.9 percent from earlier year, the same rate as the first quarter driven by robust investment in infrastructure projects.

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan.

In June, industrial production expanded by 7.6 percent on-year.

On a quarter-on-quarter basis, the GDP rose 1.7 percent in the second quarter.

That was the same as during the first quarter of 2017 but slightly better than the 6.8% pace which economists had been anticipating.

The Australian dollar soared to a two-year high on Monday (July 17) amid diminishing worries of aggressive monetary policy tightening by the US Federal Reserve and stronger-than-expected economic data from China, Australia's No 1 trading partner.

The growth rate, which compares expansion with the same three months in the previous year, was the same as in the first quarter of 2017.

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.

Property sales, measured by floor area, grew 21.4 percent, more than double the 10.2 percent increase in May, Reuters calculations showed.

China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse.

Despite concerns of the fallout from risks in the financial system, analysts say stability is the word of the day ahead of a once-every-five-years Communist Party Congress coming in the fall when a leadership shuffle is expected.

Net exports' contribution to China's GDP growth in the first half of the year was 3.9 percent, a significant improvement from the same period last year, when net exports were a 10.4 percent drag on growth.

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