Published: Tue, July 18, 2017
Global News | By Stacy Ballard

China economy charges on as leaders target the risk 'rhino'

China economy charges on as leaders target the risk 'rhino'

Data released last Thursday showed China's exports rose a stronger-than-expected 11.3 per cent in June from a year earlier and imports rose by 17.2 per cent in the year to June.

Gross domestic product grew 6.9% year-on-year, the same pace of expansion as seen in the first quarter, the National Bureau of Statistics said Monday.

The statement followed Moody's decision in May to downgrade China for the first time in nearly three decades on concerns over its ballooning credit and slowing growth.

Asian markets mixed despite robust GDP data
China economy charges on as leaders target the risk 'rhino'

China's economic growth for the second quarter exceeded expectations at 6.9% compared to the same period in 2016, but that GDP stat matched first quarter growth, and equities are weak today. Industrial output, which rose 7.6% from the same period past year, paced the GDP gains, while an 11% surge in retail sales underscored the strength of the domestic consumer economy.

"If global demand for Chinese goods stays elevated, that will offset the curbs on growth that property and debt that the government has implemented", said Tao Wang, chief China economist at UBS.

What keeps the growth rate of the Chinese economy so smooth?

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Data from NBS showed that industrial output climbed 7.6% annually, faster then the 6.5% increase logged in the prior period.

The figures come as China tries to transition the economy from one driven by state investment to one powered by consumer spending, while leaders are also attempting to clamp down on bad debt that analysts fear could spark a financial crisis if not dealt with.

Real estate investment, a key driving force of growth, increased by 8.5 percent in the first half of this year, slightly down from the first quarter.

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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.

While the USA economy functions differently than China's still developing and manufacturing one, making it unlikely that American figures will ever reach those of China, it is the failure of America and success of China at meeting their respective projections that may be cause for worry.

Investors also attribute stocks' diverging fortunes to policy messages from the fifth National Financial Work Conference held over the weekend, in which President Xi Jinping vowed to strengthen the Communist Party's leadership in the financial sector.

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