ibusinesslines.com
ibusinesslines.com September 21, 2017


China's 2nd-quarter GDP growth steady at 6.9%

17 July 2017, 09:39 | Kelvin Horton

Nigeria’s Finance Minister Kemi Adeosun

Nigeria’s Finance Minister Kemi Adeosun

Already agreed to since the Florida summit: China massively expanded its purchase of soy beans; dropped the ban on imports of U.S. beef (brought on by the mad cow scare in 2013); and agreed to buy U.S. LNG.

The Chinese economy expanded 6.9 percent last quarter, the same as the previous three months and better than the 6.8 percent tipped in an Agence France-Presse survey.

BEIJING, July 17 (Reuters) - China's real estate investment growth slowed slightly in the second quarter from the first, suggesting government curbs to rein in the red-hot property market are starting to hit speculators even though underlying demand remains resilient.

Fixed asset investment year-to-date came in at 8.6%, the same as in May (consensus: 8.5%).

There is fear that growing debt in the manufacturing sector could combine with overcapacity to drag the economy down, and there are also worries that large cities are now in the middle of a property bubble. While China's first-half economic achievement was "hard won", more positive changes in the second half are expected, National Statistics Bureau spokesman Xing Zhihong told reporters.

Industrial production grew 7.6 percent last month, while retail sales were up 11 percent, both better than the previous month, according to the official data.


Chinese exports will remain the backbone of growth in the world's second largest economy thanks to a gravity-defying property boom and higher government infrastructure spending.

Industrial output gained 7.6 percent in June prior year beating analysts' expectation of a 6.5 percent increase.

The bank has raised its 2017 annual GDP projection to 6.8 percent on-year from 6.6 percent previously.

"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.

China's imports rose 14.5 percent in the second quarter from the same period past year, as prices soared for iron ore and other raw materials essential to Chinese manufacturing.



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