ibusinesslines.com
ibusinesslines.com July 22, 2017


Chinese economy delivers pleasant second-quarter growth surprise

17 July 2017, 04:24 | Kelvin Horton

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Industrial production grew at a 7.6% year-on-year clip last month, after increasing by 6.5% in May (consensus: 6.5%).

Retail sales rose 11 percent in June a year earlier, higher than analysts' estimate of 10.6 percent.

China's average per capita disposable income grew 8.8 percent year on year to 12,932 yuan (about 1,913 US dollars) in the first half of the year, data showed Monday.

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

On a quarterly basis, China's growth improved to 1.7% in Q2 compared to previous year. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

The recent crackdown on financial risks has driven a slowdown in credit growth, which will weigh on the economy during the second half of this year, the economist noted.


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

"It is encouraging for global growth as well because China is the second largest economy on the planet".

At a national financial work conference on Saturday, Chinese President Xi Jinping called for stronger financial regulation to contain risks.

Many analysts expected China's economy to slow as those policies kicked in. While the country's debt stands at 277% of GDP, it has introduced tighter lending restrictions on banks to help rein in consumer debt and soaring house prices.

Last week's data showed that China's exports, as well as imports in June, grew more than expected from a year before, which may offset sluggishness in other parts of the economy in the second quarter of this year.

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.



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