Вторник, 24 Апреля, 2018

China releases second quarter GDP data and other key indicators

China releases second quarter GDP data and other key indicators China releases second quarter GDP data and other key indicators
Malita Javier | 17 Июля, 2017, 16:23

China posted better-than-expected growth in the second quarter, official data showed on Monday, but authorities warned that the world's second largest economy faces external and internal risks.

The Chinese economy expanded at a faster pace in the second quarter, with broad measures of economic growth picking up speed.

On a quarterly basis, the growth improved to 1.7% in the second quarter from 1.3% during the first quarter this year. "Looking ahead, uncertainty remains on investment and trade".

Mainland markets traded in negative territory for the first half of the day, with the Shanghai Composite down nearly 2.5 percent at one point and the Shenzhen Composite down more than 3 percent.

The main Asian stock indexes fell on the data, before recovering to close the day at new highs.

Nonetheless, according to the research house's own China Activity Proxy, which was created to give more reliable readings, Chinese GDP was in fact little changed in the second quarter, slowing from a 6.5% pace to 6.3%.

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Nevertheless, "it is a bit strange" that the growth exceeded many expectations, he said.

The US dollar held near a 10-month low it hit on Friday after the release of dismal US inflation and retail sales data which raised bets the US central bank will be in less of a hurry to raise interest rates.

The main drivers of Chinese growth were industrial production, growing 7.6 percent in June alone, and retail sales, which climbed 11 percent.

Communist leaders are eager to keep economic conditions steady as they head into a ruling party congress later this year at which President Xi Jinping is due to be named to a second five-year term as leader.

But most analysts agree that the upswing may not last for the rest of the year.

So far, this monetary tightening has not affected actual progress with private investment picking up led by New Economy parts of China which is showing great development in the tech side translating into strong growth.

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