Economy

China's economy posts steady growth but risks remain

China's economy posts steady growth but risks remain

China's second quarter GDP figures are due for release first thing Monday morning with economists expecting a resilient 6.8 per cent year-on-year read, above the official 6.5 per cent assumption.

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.

Retail sales rose 10.4% in the first half of the year, up 0.1 percentage points from the first quarter's rate.

In terms of quarters, both Q1 and Q2 saw the same 6.9 percent growth.

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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 economy is likely to face further headwinds as consumption also comes under pressure from slowing income growth, said Fan Zhang, senior China economist at RHB Bank.

While growth in the high-flying property sector has cooled this year, a rebound in exports after several years of decline has helped prevent any broader slowdown in China's economy.

Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.

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The Chinese economy is on target to achieve annual growth for the first time since 2010, with figures showing that GDP grew by 6.9 per cent in the first half of 2017. "Very little supply-side reform and restructuring have been done in the first half".

At a national financial work conference on Saturday, Chinese President Xi Jinping called for stronger financial regulation to contain risks.

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. But growth is being pressured as Beijing tightens controls on bank lending to rein in a surge in debt levels.

Industrial output gained 7.6 percent in June prior year beating analysts' expectation of a 6.5 percent increase.

United Kingdom house prices edge higher amid rising demand
Rightmove director Miles Shipside said the market remained very price sensitive with some properties hitting a price ceiling. That's a rise from June, when prices fell 0.4 per cent month-on-month, and rose a modest 1.8 per cent on the year before.


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