China releases second quarter GDP data and other key indicators

Nigeria’s Finance Minister Kemi Adeosun

Studies over the years have found that China's national statisticians appear to overstate growth during periods of economic weakness and understate growth when the economy is booming.

While there is much debate around the accuracy of China's official economic data, last week the Chinese statistics bureau announced it has revised the way it calculates the country's GDP.

It was well above the 6.5% pace recorded in the year to May, and breezed past expectations for unchanged reading for the month.

But China's speedy growth - an uptick from the 6.7% it recorded previous year - will be hard to sustain in the months to come, analysts say, as the government focuses on reining in the country's rapidly ballooning debt.

Part of China's economic health in the second quarter reflected robust exports, with demand beginning to recover in Europe and particularly the USA after a long period of depressed growth. "We hope the dialogue will be a meaningful exchange and help to build an even stronger basis for our economic and trade relations, as we deal with the uncertainties of the global economy".

"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".

Most Active Stock: Ocular Therapeutix, Inc. (OCUL)
Finally, Berson & Corrado Investment Advisors LLC boosted its stake in shares of Ocular Therapeutix by 5.8% in the first quarter. Ocular Therapeutix has a one year low of $4.04 and a one year high of $11.91. (NASDAQ: OCUL ) plummeted -0.22% to $6.66.

The main Asian stock indexes fell on the data, before recovering to close the day at new highs.

Over the half, China produced 419.75 million tonnes of crude steel, up 4.6% on the same period a year earlier. In the first half, retail sales advanced 10.4%.

Year-on-year growth in retail sales accelerated to 11 percent in June, from 10.7 percent in May, while fixed-asset investment also picked up speed in June.

China's gross domestic product (GDP) for the second quarter continued its pace in the first quarter as industrial output and strong consumption lifted the country's factories.

China's ruling Communist Party has focused on keeping the economy stable ahead of a reshuffle of its top leadership in the fall, when President Xi Jinping will start his second term.

Beijing is trying to rein in debt and prevent new housing bubbles with active measures in the property sector and with lenders. In 2016 China expanded by 6.7 per cent.

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