China Maintains Steady Growth In Q2

China posted a trade surplus of $42.77 billion in June slightly above analyst forecasts for a surplus of $42.44 billion. Reuters

Overall industrial production rose 7.6 percent in June from a year earlier, the government announced on Monday morning, an unexpectedly faster tempo than in May's 6.5 percent.

Thus, China managed to exceed its target of 6.5 percent growth, set by the government for 2017.

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.

The PBOC shifted to a modest tightening bias at the start of this year, guiding market interest rates higher during the first quarter, including immediately after the U.S. Federal Reserve raised rates in March.

Other data released by the statistics agency painted a rosy picture of the economy, with industrial production and fixed-asset investments both beating expectations.

As per the street expectations, the economy was likely to grow by 6.8% in the April-June quarter, slightly slower than the previous quarter's robust 6.9% pace.

In the first half, the growth rate was also 6.9 percent, the National Bureau of Statistics (NBS) said in a statement.

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Despite concerns of the fallout from risks in the financial system, analysts say stability is the word of the day ahead of a once-every-five-years Communist Party Congress coming in the fall when a leadership shuffle is expected.

But the latest data is well above Beijing's 6.5% growth target for 2017.

On a quarterly basis, GDP added 1.7 percent from 1.3 percent in the first quarter matching estimates. Factory output and retail sales clocked 7.6 and 11 per cent growth respectively.

Chinese exports will remain the backbone of growth in the world's second largest economy thanks to a gravity-defying property boom and higher government infrastructure spending.

Economists polled by Reuters on average had expected 6.8 percent growth in the April to June period against the same time a year ago, compared to the first quarter's 6.9 percent.

"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 said.

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