China posts 6.9 percent GDP growth in H1

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The second quarter numbers put the economy on a strong footing to meet China's growth target of around 6.5 percent in 2017, which would give policymakers room to defuse financial risks.

The government is aiming for growth of about 6.5 per cent in 2017, slightly lower than last year's actual 6.7 per cent, which was the weakest pace in 26 years.

"Everything shows that the economy is recovering and growing compared with previous year", Huang Weiping, an economics professor at Renmin University, told dpa. The nation's solid growth reinforces recoveries for commodity exporters and keeps 2017's pickup in global growth on track, said William Adams, senior worldwide economist at PNC Financial Services Group in Pittsburgh.

"I don't understand how they can achieve such a good performance", he added.

Their average monthly income grew 6.3 percent to 3,405 yuan in the second quarter.

New construction starts measured by floor area were up 10.6 percent in the first half of the year, compared with a 9.5 percent rise in the first five January-May, the National Bureau of Statistics (NBS) said.

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That follows a better-than-expected increase of 6.9 per cent in the first three months of the year.

In the first six months, crude oil output dropped 5.1 percent year on year to 96.45 million tonnes.

Forecasters expect economic growth to cool later this year as those credit controls take hold, depressing investment.

"It is encouraging for global growth as well because China is the second largest economy on the planet". Observers fear that surging debt could trigger a banking crisis or further slow the economy. It also said that leverage of enterprises "was brought down". "Therefore, the risks for banks are also very high".

In the latest alert, Fitch Ratings on Friday said China's growing debt could trigger "economic and financial shocks" even as it maintained its A-plus rating on the country.

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