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emfizz.com July 24, 2017


China Maintains Steady Growth In Q2

17 July 2017, 04:20 | Jan Cross

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The U.S. dollar index (DXY) continued to trade near 11-month lows at the start of the week.

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.

While China's first-half economic achievement was "hard won", more positive changes in the second half are expected, National Statistics Bureau spokesman Xing Zhihong told reporters.

Economists in Reuters' poll forecast second quarter GDP to grow 1.7 percent from a quarter ago.

First, planned new investments have lost steam entering the year of 2017, suggesting that fiscal spending has been gradually fading.

Last week's data showed that China's exports, as well as imports in June, grew more than expected from a year before, which may offset sluggishness in other parts of the economy in the second quarter of this year. In the first half, retail sales advanced 10.4%.

The NBS said that industrial output grew 7.6% year-on-year in June, equaling the fastest rate of growth reported since December 2014.

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

At the National Financial Work Conference, President Xi Jinping clarified that regulatory tightening would continue quickly with a Commission for Financial Stability established.

With risks rising in some parts of the economy due to leveraged investments and over-borrowing, officials need to carefully balance support for growth with risk controls.

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".

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.

Debt-fuelled investment in infrastructure and real estate has underpinned China's growth for years but warnings of a potential financial crisis have spurred Beijing to clamp down.



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