Published: Mon, July 17, 2017
Money | By Armando Alvarado

Chinese economy steady amidst slowdown worries

Chinese economy steady amidst slowdown worries

China's economy grew a faster-than-expected 6.9 percent in the second quarter from a year earlier, matching the robust first quarter rate.

Silver prices rose on Monday, building off last week's rebound as investors turned their attention to an active week dominated by corporate earnings and central banks.

GDP for the second quarter was up 6.9% year-on-year with growth in the second quarter coming in at 1.7%.

China reported second quarter growth data Monday that topped expectations.

The Chinese economy grew at a rate of 6.9 percent in the second quarter, a faster pace than expected and above the government's growth target.

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.

Meanwhile, retail sales in June increased by 11 per cent compared to the same month in 2016, and a month-on-month increase stood at 0.93 per cent.

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Benefiting from a pickup in overseas demand, the total value of Chinese exports registered a year-on-year increase of 15 percent in the January-June period.

President Xi Jinping is expected to hold on to power at the party congress, giving him more control during what analysts called are a long overdue but dire reforms like restructuring huge state firm debt.

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

Strong income growth and lifestyle changes in past years have helped boost China's consumer spending amid the government's efforts to shift the economy toward a growth model that draws strength from consumption, the service sector and innovation.

"Generally speaking, the national economy has maintained the momentum of steady and sound development in the first half of 2017, laying a solid foundation for achieving the annual target and better performance".

On a quarter-on-quarter basis, GDP expanded 1.7% between April and June.

"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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