Tuesday, 21 November, 2017

China GDP Growth, Industrial Output Up

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Though year-on-year growth was flat with the first quarter, the reading was comfortably above the government's annual target of 6.5%, leading commentators to predict China could see its first annual acceleration since 2010.

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

"However, we must be aware that there are still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home", Xing told reporters.

Overall, the economy continued to show steady progress in the first half.but worldwide instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remain.

Overall industrial production rose 7.6 percent in June from a year earlier, the government announced on Monday morning, an unexpectedly faster tempo than in May's 6.5 percent. China aims to create more than 11 million jobs this year, 1 million more than last year's target.

As China steps up efforts to fend off financial risks ahead of a five-yearly party congress in the fall, economists forecast that its economy will slow moderately in the months ahead. In May, Moody's Investors Service downgraded China's credit rating for the first time in almost three decades, saying it believes the rapid build-up of debt is eroding the country's financial strength. Trade data released earlier showed export growth accelerated in May and June.

Like the GDP report, separate data on industrial output, retail sales and urban fixed asset investment all topped market expectations for June.

The Chinese government has sought to dampen soaring property prices in recent months by rolling out a host of restrictive measures, indicating real estate is a major contributor to economic growth.

The stats bureau's data on Monday also showed domestic crude oil output fell 2.3% last month from a year ago to 16.21-million tonnes, or 3.94-million barrels a day, but up from May's 3.83-million barrels a day.

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