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lakeelmoleader.com September 22, 2017


China's economic growth holds steady despite slowdown fears

17 July 2017, 08:44 | Frank Carlson

Nigeria’s Finance Minister Kemi Adeosun

Nigeria’s Finance Minister Kemi Adeosun

The Chinese economy grew at a rate of 6.9 percent in the second quarter, a faster pace than expected and above the government's growth target.

The quarterly pace came up from 6.7 percent for the first three quarters of 2016 and 6.8 percent for the final quarter of previous year.

The National Bureau of Statistics said the figures showed China's economy had become "more stable, co-ordinated and sustainable".

Xing also warned that there are still uncertainties and instabilities internationally, while domestic long-term structural contradictions remain prominent.

The data also showed China's service sector continued its expansion as Chinese economy reconfigured its base from previously strong manufacturing to services.

Debt-fuelled investment in infrastructure and real estate has underpinned China's growth for years but Beijing has launched a crackdown over fear of a potential financial crisis.

"According to the preliminary estimation, the gross domestic product (GDP) of China was 38,149.0 billion yuan [$5,632 billion] in the first half of 2017, a year-on-year increase of 6.9 percent at comparable prices".

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Total social financing plus bonds, the broadest measure of credit, expanded 14.7 percent in June compared with the same month a year earlier. A report on how - or if - the US will react could come as early as this week.

Growth of private investment quickened to 7.2 percent in January-June from 6.8 percent in the first five months of the year, suggesting an improved appetite from private firms to invest after a sharp loss of momentum in recent years.

Julian Evans-Pritchard, an economist at Capital Economics, said: "China's strong first half to the year won't last".

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

Economists warn the Chinese economy could cool further to 6.6 percent in 2017 despite the signs of a rebound.

Fitch Ratings on Friday maintained its A-plus rating for the country but said its growing debt could trigger "economic and financial shocks".



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