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17 July 2017, 09:38 | Jan Cross
China's GDP up 6.9% in Q2
Stocks of rebar held by Chinese traders hit a six-month low on Friday, at 370.4 million tonnes, data from SteelHome consultants showed.
Analysts polled by AFP had forecast growth of 6.8 percent after the economy expanded 6.9 percent in the first quarter.
The Chinese government has sought to dampen soaring property prices in recent months by rolling out a host of restrictive measures, indicating real estate is a major contributor to economic growth. "We hope the dialogue will be a meaningful exchange and help to build an even stronger basis for our economic and trade relations, as we deal with the uncertainties of the global economy".
Economists warn the Chinese economy could cool further to 6.6 percent in 2017 despite the signs of a rebound.
The government has trimmed its 2017 growth target to around 6.5 per cent, after it expanded 6.7 per cent in 2016 - its slowest rate in more than a quarter of a century. But in China, it was a slight slowdown: Credit was up 15.3 percent in May from a year earlier.
Powering the Chinese economy were numerous familiar sectors: brisk construction of apartment buildings; strong retail sales, especially online; and rising government-deficit spending on infrastructure, including new highways and high-speed rail lines.
Fixed asset investment was also up, with increases between January to June of 8.6% on year, ahead of expectations.
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A consolidation of power could give Xi more clout to push through what analysts say are long overdue but painful reforms such as restructuring massive state firm debt. "So I think the People's Bank of China just continues to be watchful".
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".
Economist Craig James said that based on the data, easing and tightening are really not necessary since inflationary pressures are very much contained therefore PBOC should just remain to be observant. Trade data released earlier showed export growth accelerated in May and June. The National Bureau of Statistics will now including contributions from healthcare, tourism and the "new economy".
"The national economy performed within an appropriate range with more visible good momentum", the National Bureau of Statistics said.
Industrial production grew at a 7.6% year-on-year clip last month, after increasing by 6.5% in May (consensus: 6.5%).
Value-added industrial output in June rose by 7.6%.
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