China's economic growth holds steady despite slowdown fears

China's economic growth holds steady despite slowdown fears

Gross domestic product (GDP) accelerated at an annualized 6.9% in April-June, the National Bureau of Statistics said.

Chinese economic growth topped expectations yet again in the June quarter with GDP expanding 6.9% from a year earlier.

Consensus estimates had pegged growth at 6.8 per cent, but a strong pick-up in quarter-on-quarter growth, from 1.3 per cent to 1.7 per cent, assured the headline measure remained unchanged.

The increase in the area of property sold also slowed to 14.1 percent in the second quarter year-on-year, from a 19.5 percent gain in the first quarter, Reuters calculation showed.

"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.

The economy grew by 6.9 percent in the second quarter, the same pace as in the first quarter.

Retail spending and factory output were also bright spots in the first half.

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Industrial output for June grew by 7.6%, well above the forecast 6.5%.

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.

President Xi Jinping called for tougher regulations to crack down on financial risks during a National Financial Work Conference, which sets the tone for reforms, according to the official Xinhua news agency. This means that investment growth has already peaked in Q1, and a softening can be expected in the coming quarters, Commerzbank reported.

China's economy lost momentum in the second quarter, a survey shows, as Beijing's efforts to curb risky lending and investment took a toll on the Asian powerhouse.

That is mostly a outcome of its efforts to reduce debt.

China's major stock indexes recouped sharp early losses on Monday as latest growth data from the world's second largest economy surprised on the upside, buoying earnings prospects for the country's companies.

"China's crackdown on low-end steel has left a capacity gap in the market", she said.

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