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China steel output hits record in June

18 July, 2017, 03:26 | Author: Nadine Todd
  • Asian markets mixed despite robust GDP data

The annual pace of growth in the Chinese economy is set to quicken for the first time since 2010.

According to China's official statistics, the economy should have grown 6.7 percent y/y if calculated from the GDP index (which is seasonally adjusted), 0.2 percentage points lower than the headline growth numbers.

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.

China's economy expanded at a steady pace in the second quarter on domestic spending and exports despite measures taken to rein in financial risks.

China said last Friday afternoon that it was revising its economic output data to take better account of fast-growing sectors, like intellectual property, health care, tourism and emerging industries.

Retail sales were also well ahead of expectations, up 11 percent compared with June 2016.

Wu Yibing, joint head of China of Singapore investment firm Temasek Holdings, told Xinhua that his company wanted to increase investment in China's new economic sectors as Temasek was optimistic about China's ongoing economic transition.

Central banks around the world are focused on the persistent low inflation, and the PBOC is no different, with CPI inflation printing 1.5 per cent in June, largely in line with market expectations. Export growth has a good relationship with manufacturing in China, so any slowdown would challenge a key support of China's robust growth.

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

President Xi Jinping said at the National Financial Work Conference, held on July 14-15, that China should steadily promote the yuan's internationalisation, deepen reforms in the yuan exchange rate mechanism, and achieve yuan convertibility.

Zhu raised his 2017 full-year growth estimate to 6.8 percent from 6.7 percent after the report, as did economists at Nomura Holdings Inc.

The economy is likely to face further headwinds as consumption also comes under pressure from slowing income growth, said Fan Zhang, senior China economist at RHB Bank. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

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