China's economy grows 6.9% in second quarter of 2017, beats estimates

17 July, 2017, 20:45 | Author: Franklin Nunez
  • Croatia Inflation Eases Further

China's nationwide survey-based jobless rate was below 5 percent in June, with 7.35 million new urban jobs created in the first half of the year, the statistics bureau said on Monday.

China's consistent growth also reflects the government's constant intervention as officials try to reach predetermined targets for the country's economy-currently 6.5-percent growth or better.

"The national economy performed within an appropriate range with more visible good momentum and achieved steady growth", the National Bureau of Statistics, which released the data, said.

"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.

In the first half of 2017, the economy advanced 6.9%.

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The forecast of a gradual growth slowdown due to a weakening property sector, possible moderation of domestic demand as well as uncertainties over external demand remained valid, the report said.

Another aspect of concern for President Donald Trump is the fact that steel output hit a record high 73.23 million tons in June, the NSB said, while aluminium production rose 7.4% from the same period previous year to 2.93 million tons.

President Xi Jinping has called for even tougher regulations to reduce the country's vulnerability though the GDP figures suggested there was no cause for immediate alarm - given stronger export growth and a jump in new orders.

"Growth overall was very robust", said Iris Pang, an economist at ING Bank NV in Hong Kong.

"What is important to note is that this is heavily driven by credit and fixed-asset investment", said Christopher Balding, an associate professor at the HSBC School of Business at Peking University in Shenzhen.

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The ratings agency on Friday maintained its A+ rating on China with a stable outlook. Since the end of 2016, dozens of local governments have passed or expanded their restrictions on house purchases and increased the minimum down payment required for a mortgage.

The ChiNext, the start-up board at the Shenzhen Stock Exchange, was down nearly 5 percent on the day, but recovered somewhat as trade continued.

Retail sales meanwhile rose 11.0 percent in June from a year earlier, the fastest pace since December 2015 and beating analysts' expectations for a 10.6 percent rise.

June's total surpassed April's monthly record of 72.78 million tonnes, fuelling worries of a growing glut.

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