ibusinesslines.com
ibusinesslines.com June 18, 2018


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

Nigerian inflation still records double digit higher food prices in June

"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

Agents seize 480 pounds of pot shipped from Mexico to Warren area
It's not the first time marijuana was found hidden in cars shipped from Mexico, Balzano said. The Portage County Sheriff's Drug Task Force is working with the DEA in the investigation.

Disappointing Windies end World Cup on losing note
Opener Hayley Mathews (29 from 64 balls) and Chedean Nation (23 from 57) were the main contributor for West Indies . In reply, West Indies got a slow start and once they started losing wickets steadily, the innings fell apart.

UAE Behind Hacking Attacks on Qatar's Media Aimed at Provoking Diplomatic Row
The subsequent inquiry into the alleged hack used investigators from the Federal Bureau of Investigation . The Federal Bureau of Investigation was previously known to be working with Qatar to probe the hacking.

Dead, Man Missing in Flash Flood at Arizona Swimming Hole
Two people are still missing but that number may increase, deputies said on Sunday as the extent of the damage became more clear. Elsewhere in the USA , officials are concerned flooding could impact the start of classes next month. "We got a lot worse news".

Maplewood graduate dies in plane crash
Federal authorities are investigating after two people were killed Sunday in an airplane crash in Atchison County, Kansas. He was was married and had three children, according to his profile on the Air Force Heritage Flight Foundation website .

Another Pippa Middleton sighting Friday at Wimbledon
Wedge sandals finished off the look, along with a pop of colour by way of her bright green Tory Burch cross-body bag. Kate accessorised the look with a white Victoria Beckham tote and gold earrings by Cassandra Goad.

Train drags SUV along tracks as officer tries to get victims out
Then the officer lets loose a string of swear words as the train unexpectedly started rolling again. "Tell them to stop moving". They're dragging the auto , there are people still inside'. "Get them to stop, stop that train!", the officer yells.