ibusinesslines.com
ibusinesslines.com July 22, 2017


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

17 July 2017, 04:38 | Kelvin Horton

Some of the biggest cities like Beijing have recently tried to curb real estate speculation with administrative limits. Qilai Shen

Some of the biggest cities like Beijing have recently tried to curb real estate speculation with administrative limits

"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.



Other News

Trending Now

Ashley Madison will pay $11.2 million to users for data breach
It may also be the case that previous users entitled to compensation simply want to lay the issue to rest and will not claim. PII: Customers whose personally identifiable information was released, due to the breach (up to $500 per individual).

Netanyahu in Paris to commemorate Vel d'Hiv deportation of Jews
Netanyahu said the Nazis and their French collaborators "shattered the lives of thousands of French Jews at Vel' d'Hiv". Over 13,000 Jews were rounded up by French police on July 16 and 17, 1942 in Paris and transported to Auschwitz.

Barclays and former executives set for January trial over Qatar fundraising charges
The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis. None of the defendants were arraigned today (mon) and will not be asked to enter their pleas until sometime next year.

Jordan soldier who killed US trainers jailed for life
The parents of one of the slain United States troops and the father and sister of another were present during Monday's session. Jordan initially said the Americans triggered the shooting by disobeying entry rules, a claim that was later withdrawn.

Martin Landau, Oscar-winning actor, dies aged 89
His personal life was as colourful as his career; he was best friends with James Dean and dated Marilyn Monroe in the Fifties. Infamously, Landau passed on the role of Spock in the original Star Trek . 'I would've probably died playing that role.

Australian woman fatally shot by Minneapolis police officer
Ms Damond trained as a veterinarian in Sydney, and went on to study and practice yoga and meditation. Investigators said the squad vehicle video was on but didn't capture what happened at the scene.

Rahman awarded for his 25 years of musical contribution at IIFA
There was a demand for an encore even after he regaled the crowd for nearly two hours. I loved performing, even though it was raining.