China Maintains Steady Growth In Q2

Judith Bessette
Julho 17, 2017

"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 remains", said the statistics bureau in a statement.

Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.

The Chinese government has set an economic growth target this year of about 6.5 percent "or higher if possible", the lowest economic growth target in 25 years.

Zhu raised his 2017 full-year growth estimate to 6.8 percent from 6.7 percent after the report, as did economists at Nomura Holdings Inc.

The world's second-largest economy served up gross domestic product (GDP) growth of 6.9% in the second quarter of the year, according to official figures. "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.

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

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But a sharp slowdown in the second half is unlikely as policymakers prepare for an important Communist Party congress later this year that will likely make President Xi Jinping the most powerful leader in a generation.

China also reported January to June fixed asset investment rising 8.6 percent on year (topping a Reuters poll of 8.5 percent growth) while property investment rose 8.5 percent in the same period.

Retail sales rose 10.4% in the first half of the year, up 0.1 percentage points from the first quarter's rate.

With risks rising in some parts of the economy due to leveraged investments and over-borrowing, officials need to carefully balance support for growth with risk controls.

In the first six months, crude oil output dropped 5.1 percent year on year to 96.45 million tonnes.

The Chinese government has intensified efforts to fight pollution and use more clean energy.

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