China's economic growth holds steady despite slowdown fears

Judith Bessette
Julho 17, 2017

Meanwhile, China's aluminum production rose 7.4 percent year-on-year in June to its highest level on records back to 2014.

The government has trimmed its 2017 GDP growth target to around 6.5 per cent, after it expanded by 6.7 per cent in 2016 - its slowest rate in more than a quarter of a century.

The main Asian stock indexes fell on the data, before recovering to close the day at new highs.

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

The data helped push regional stocks, in the form of the MSCI Asia ex-Japan index, past a two-year high in overnight trading while the yuan gained for a sixth consecutive session against the US dollar after the People's Bank of China raised the midpoint of the currency to 6.7562, its highest level in more than 8 months.

Julian Evans-Pritchard, China economist at Capital Economics, said in a note: "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".

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They had "relatively higher" risks of weight gain, obesity , high blood pressure, and heart disease from heart attacks to strokes. It could be by justifying a second helping of dinner because they saved the 165 calories they would have got from a can of Coke.

The 6.9 per cent expansion for the second quarter of the year, announced by China today, matched first-quarter growth.

President Xi Jinping called for tougher regulations to contain financial risks during a weekend National Financial Work Conference, which sets the tone for reforms.

And growth in both imports and exports also came in above expectations.

Retail sales also exceeded forecasts, printing at 11.0% year-on-year (consensus: 10.6%) versus 10.7% in May.

The average rural residents' per capita disposable income reached 6,562 yuan in the first half, up 7.4 percent after deducting price factors, while that of urban residents increased 6.5 percent to 18,322 yuan.

The 6.9 per cent growth rate in the second quarter is faster than expected, prompting the financial consultancy agencies to revise China s growth rate upwards.

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