gpolit.com
gpolit.com July 22, 2017


China's economic growth holds steady despite slowdown fears

17 July 2017, 04:23 | Kenneth Drake

Inflation drops to 16.10% — first time in 12 months

Nigerian inflation still records double digit higher food prices in June

This was up from the 6 percent increase in the same period of previous year, according to the National Bureau of Statistics.

The figure, marginally ahead of forecasts looking for an increase of 6.8%, was the tenth consecutive GDP report where the year-on-year growth rate was either in line with expectations or exceeded them by 0.1%.

The robust numbers kept world shares near a record high and briefly helped China's major stock indexes recoup earlier losses.

Consumer spending and trade growth both accelerated during the second quarter, helping to offset softening investment in factories, real estate and other fixed assets.

The government is aiming for growth of about 6.5 per cent in 2017, slightly lower than last year's actual 6.7 per cent, which was the weakest pace in 26 years.

"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".

The NBS said that industrial output grew 7.6% year-on-year in June, equaling the fastest rate of growth reported since December 2014.

Furthermore, the Financial Work Conference which concluded at the weekend had signalled that further regulatory tightening was on the horizon.

China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse.

The stronger growth also means officials will have more room to address the growing debt problem, as China continues to place controlling risk and deleveraging at the forefront of financial policy this year.

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.

Analysts polled by Reuters had expected the economy to expand 6.8 percent in the April-June quarter.



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