China Maintains Steady Growth In Q2

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"Overall, the economy continued to show steady progress in the first half.but worldwide instability and uncertainties are still relatively large, and the domestic long-term buildup of structural imbalances remains", said the statistics bureau in a statement.

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

"If global demand for Chinese goods stays elevated, that will offset the curbs on growth that property and debt that the government has implemented", said Tao Wang, chief China economist at UBS.

Urban investment in June remained steady with an 8.6 per cent annual growth rate.

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The bank has raised its 2017 annual GDP projection to 6.8 percent on-year from 6.6 percent previously.

While fixed asset investment saw strong growth year-on-year of 8.6%, it was 0.6% lower from Q1. The figure beat analyst expectations, and sets China on the path to post its first year-on-year acceleration of growth since 2010.

"However, we must be aware that there are still many unstable and uncertain factors overseas and long-term structural contradictions remain prominent at home", Xing told reporters.

Value-added industrial output in June rose by 7.6%.

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The high-tech and equipment manufacturing sectors are leading the country's industrial growth, with year-on-year output increases of 13.1 percent and 11.5 percent in the first half, respectively, compared with a 6.9 percent rise in overall output. Xing said the steady growth was the result of progresses in supply-side structural reform and new development concepts.

"It shows that Beijing's financial deleveraging was well-timed and carefully targeted not to have much spillover on the real economy", said Rob Subbaraman, chief economist for Asia ex-Japan at Nomura Holdings Singapore.

Growth of private investment quickened to 7.2 percent in January-June from 6.8 percent in the first five months of the year, suggesting an improved appetite from private firms to invest after a sharp loss of momentum in recent years.

In terms of de-stocking in the property market, the floor space of unsold homes were down 9.6 percent at the end of June.

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The news comes as the government focuses on reining in the country's rapidly ballooning debt.


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