ibusinesslines.com
ibusinesslines.com November 24, 2017


China reports 6.9% second-quarter GDP growth on year, topping expectations

17 July 2017, 04:38 | Kelvin Horton

China reports 6.9% second-quarter GDP growth on year, topping expectations

China reports 6.9% second-quarter GDP growth on year, topping expectations

"Specifically, the year-on-year growth was 6.9 percent for the first quarter, and 6.9 percent for the second quarter", the bureau said in a statement.

Consumer spending and trade growth both accelerated during the second quarter, helping to offset softening investment in factories, real estate and other fixed assets.

China's economy grew faster than expected in the second quarter, putting the nation on track to meet its growth target this year and giving backing to officials in their campaign to corral oncoming financial risk.

The central government's fiscal deficit was 4.3 percent of GDP in the latest four quarters' data, slightly more than the 4.1 percent of GDP deficit in the year-earlier period.

President Xi Jinping attended the National Financial Work Conference (NFWC) - an important policy making event - over the weekend, where there was a focus on managing financial risks.


The government has trimmed its 2017 GDP growth target to around 6.5 per cent, after it expanded by 6.7 per cent in 2016 - its slowest rate in more than a quarter of a century.

"Very little supply-side reform and restructuring have been done in the first half".

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. "So I think the PBOC (People's Bank of China) just continues to be watchful", said Craig James, chief economist for Commonwealth Securities in Sydney. But growth is being pressured as Beijing tightens controls on bank lending to rein in a surge in debt levels.

"The national economy performed within an appropriate range with more visible good momentum and achieved steady growth, rise in employment, stable prices, income growth and optimizing structures", said the NBS.

The service sector expanded 7.7 per cent year-on-year in the first half, outpacing a 3.5-per cent increase in primary industry and 6.4 per cent in secondary industry, according to the NBS. The trade surplus widened from $US40.8 billion in May to $US42.8 billion in June.



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