Wednesday, 22 November, 2017

China's economic growth remains stable at 6.9% in the second quarter

Inflation drops to 16.10% — first time in 12 months Nigeria: Inflation Falls Marginally
Laurie Berry | 17 July, 2017, 16:50

In 2016 China expanded by 6.7 per cent.

Chinese Premier Li Keqiang said last month that the country could reach this year's economic growth targets.

China's GDP grew at a slightly faster-than-expected pace in the second quarter, according to official data published Monday, as surging industrial production and solid exports kept the world's second-largest economy humming in the face of significant concerns for its financial sector.

The growth rate is well above the government's target for the year of 6.5 per cent, reflecting a firming trend in the nation's economy, Xinhua news agency reported.

Observers expect a drop in China's economic growth in the second half of the year, but the government is trying to project stability ahead of an important Communist Party congress in a few months time.

Xing also noted, however, that China must be aware that there were "still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home".

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Central banks around the world are focused on the persistent low inflation, and the PBOC is no different, with CPI inflation printing 1.5 per cent in June, largely in line with market expectations.

Industrial capacity utilisation stood at 76.4 per cent in the first half, up 3.4 percentage points from a year ago.

That follows Moody's decision in May to downgrade China for the first time in nearly three decades on concerns over its ballooning credit and slowing growth. "Growth momentum has stayed pretty high and the authorities have really tamped down the pressures on the capital outflow", said Stephen Schwartz, head of Asia-Pacific sovereign ratings at Fitch.

Likewise, retail sales growth accelerated to 11% in June from 10.7% in May, while growth was expected to ease to 10.6%.

Fixed asset investment gained 8.6 percent on year - unchanged from the previous month and beating forecasts for 8.5 percent.

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

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