Published: Mon, July 17, 2017
Markets | By Noel Gibbs

China's GDP grows 6.9% in 2017 first half

China's GDP grows 6.9% in 2017 first half

A report on how - or if - the US will react could come as early as this week.

The 6.9 per cent expansion for the second quarter of the year, announced by China today, matched first-quarter growth.

GDP increased 1.7% quarter-on-quarter, faster than the 1.3% quarter-on-quarter pace reported in the first quarter. All that could upset Beijing's main priority at the moment of maintaining stability and calm ahead of a major Communist Party leadership change.

And it looks like the resulting cooling property sector is starting to flow through to economic growth, with fixed asset investment growth in May slowing more than expected.

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

The figure of 6.9 percent between April and June was the same as the first quarter of 2017, and 0.1 percent above analysts' projections.

But the latest data is well above Beijing's 6.5% growth target for 2017.

In the first six months, the output of natural gas grew 8 percent year on year to hit 74.08 billion cubic meters.

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It worsened, as 45 investors sold SLG shares while 109 reduced holdings. 39 funds opened positions while 127 raised stakes. Lasalle Investment Management Securities Llc acquired 13,775 shares as Sl Green Realty Corp ( SLG)'s stock declined 8.11%.

China's retail sales grew by 10.4 percent in the first half of the year, picking up pace versus the first quarter's 10 percent growth, the statistics bureau also said. A regulatory crackdown pushed up money market rates and helped damp down speculative lending while at the weekend President Xi Jinping warned regulators that failing to spot and dispose of risks in a timely manner would amount to a "dereliction of duty".

Vivek Dhar, mining and energy commodities analyst at the Commonwealth Bank, shares a similar view, noting in early July that "elevated steel mill margins and abundant spare capacity should provide the impetus for a short-term rally in iron ore prices".

"Based on this data, there is no need for easing and no need really for tightening either because inflationary pressures are very much contained".

Craig James, chief economist at Commonwealth Securities in Sydney believes though that measures to be taken by the central bank will not be so severe.

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Because the front doors were unlocked, officers were able to open the door and pull him out of the vehicle. He described the child as being full of energy and said his parents treated the toddler well.

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.

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