Markets

China's GDP Report in Q2 Beats Forecast

China's GDP Report in Q2 Beats Forecast

China's economy expanded at an annual 6.9% clip in the three months ending in June, the National Statistics Bureau (NSB) said, a rate that was modestly faster than the 6.8% pace anticipated by analysts but largely in line with the rate of growth over the first quarter.

The world's second largest economy is aiming a growth of about 6.5% in the current year, a little lower than previous year's actual 6.7%, which grew at the slowest pace in the last two-and-half decade.

The better-than-expected figures mean China is on track to beat the growth target of "around 6.5%" set by the country's leadership for the whole year.

"Overall, the economy continued to show steady progress in the first half.but global instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains", said the statistics bureau in a statement.

Power output increased 6.3 percent year on year to 2.96 trillion kilowatt-hours in the first half of 2017, the NBS said.

Chinese economic growth topped expectations yet again in the June quarter with GDP expanding 6.9% from a year earlier.

China's strong momentum has fueled global economic expansion and boosted sentiment in worldwide markets.

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First, planned new investments have lost steam entering the year of 2017, suggesting that fiscal spending has been gradually fading.

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

The boost to growth was in part driven by firmer exports and production, in particular steel, which could heighten trade tensions as the United States and China begin economic talks this week.

However, he did not expect that strength to last due to the recent crackdown on financial risks - which had led to slower credit growth.

The news comes as the government focuses on reining in the country's rapidly ballooning debt.

In contrast, the output of raw coal increased 10.6 percent year on year to 310 million tonnes in June, the fourth consecutive month of growth, the NBS said in a statement. However, for China to upgrade its monetary and financial systems, there are some gaps the NFWC has left out.


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