The Chinese economy is growing faster than all expectations

Cornelia Mascio
Luglio 17, 2017

"Overall, the economy continued to show steady progress in the first half", the bureau's statement said.

As reported by Bloomberg, industrial output rose by 7.6 percent from a year earlier after it was estimated it would only grow by 6.5 percent. -China bilateral trade was up over 14% from January to May over past year, to $220 billion. But Xing Zhihong, a spokesman for the National Bureau of Statistics, said on Monday morning that this was a continuing project that had not been applied to the second-quarter growth statistics. Retail sales were also positive, increasing 11% in June from a year earlier.

The Chinese economy expanded 6.9 percent last quarter, the same as the previous three months and better than the 6.8 percent tipped in an Agence France-Presse survey.

Communist leaders are eager to keep economic conditions steady as they head into a ruling party congress later this year at which President Xi Jinping is due to be named to a second five-year term as leader.

Rounding off the quartet of data beats, urban fixed asset investment grew by 8.6% between January and June compared to the same period in 2016, topping the 8.5% pace expected by economists.

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.

And growth in both imports and exports also came in above expectations.

Last year, the world's second-largest economy had its slowest growth rate in nearly 30 years, at 6.7 percent.

"The national economy performed within an appropriate range with more visible good momentum", NBS said.

The latest buying binge followed the release Chinese Q2 GDP earlier in the session, including news that crude steel output from the world's largest producer jumped to the highest level on record in June.

Economist Zhou Hao thinks so too saying that even though the country was better than expected in the first half of the year, a slowdown was likely to happen.

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