Economy

China's economy grew by more than forecast in the first six months

China's economy grew by more than forecast in the first six months

According to China's official statistics, the economy should have grown 6.7 percent y/y if calculated from the GDP index (which is seasonally adjusted), 0.2 percentage points lower than the headline growth numbers.

This would fall more-or-less in line with the IMF's forecast of 6.7% and above the government's target of 6.5%.

China's economy expanded at a steady pace in the second quarter on domestic spending and exports despite measures taken to rein in financial risks.

In terms of quarterly rates of change, GDP picked up from 1.3% to 1.7%. "Growth momentum has stayed pretty high and the authorities have really tamped down the pressures on the capital outflow", said Stephen Schwartz, head of Asia-Pacific sovereign ratings at Fitch.

China's economy posts steady growth but risks remain
Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter. Industrial output gained 7.6 percent in June prior year beating analysts' expectation of a 6.5 percent increase.

On the latter, the NBS said that overcapacity was "addressed in a well-ordered way" noting that capacity utilisation rates across the nation's industrial sector rose from a year earlier while real estate inventory "continued to be reduced".

Industrial production grew at a 7.6% year-on-year clip last month, after increasing by 6.5% in May (consensus: 6.5%).

The country's retail sales recorded a growth of 11% in June compared to a year earlier, which was the fastest since December 2015.

The result outpaced an expectation for 6.8% growth by economists polled by The Wall Street Journal.

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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.

President Xi Jinping attended the National Financial Work Conference (NFWC) - an important policy making event - over the weekend, where there was a focus on managing financial risks. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported. However, for China to upgrade its monetary and financial systems, there are some gaps the NFWC has left out.

In the first six months, crude oil output dropped 5.1 percent year on year to 96.45 million tonnes.

China's trade with North Korea rises 10%
Tongilgak is a North Korean building in the village of Panmunjom, which straddles the demarcation line that divides the countries. A ballistic missile that North Korea launched in May reached an altitude of more than 2,000km.


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