Tuesday, 16 October, 2018

China's strong Q2 GDP growth paves way for deeper reforms

China's strong Q2 GDP growth paves way for deeper reforms China's strong Q2 GDP growth paves way for deeper reforms
Debra Rodriguez | 17 July, 2017, 16:50

Industrial output, officially called industrial value added, is used to measure the activity of designated large enterprises with annual turnover of at least 20 million yuan.

The robust numbers kept world shares near a record high and briefly helped China's major stock indexes recoup earlier losses. The GDP deflator, a gauge of economy-wide inflation, came in at 4.5 percentage points - the difference between the nominal and real growth rate of output.

Thus, China managed to exceed its target of 6.5 percent growth, set by the government for 2017.

New construction starts measured by floor area were up 10.6 percent in the first half of the year, compared with a 9.5 percent rise in the first five January-May, the National Bureau of Statistics (NBS) said.

"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". This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

However, growth is expected to slow over the remainder of the year as Beijing seeks to cool a red-hot housing market and attempts to rein in leverage.

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

At the National Financial Work Conference, President Xi Jinping clarified that regulatory tightening would continue quickly with a Commission for Financial Stability established.

While the economy steams along, the government is setting a wary tone: The front page commentary in the People's Daily, said China should not only be alert to "black swan" risks that catch people off guard but also more obvious threats.

Industrial production rose 7.6% year-on-year, while fixed asset investment investment increased 8.6% in the first half of the year.

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

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